If you have a £15,000 or more of unsecured debts such as personal loans, overdrafts, store cards and credit cards, an Individual Voluntary Arrangement (IVA) could be your best solution. IVA is a legally binding agreement between you and your creditors. To qualify for an IVA you must be employed, have 3 or more creditors and have a minimum of £15,000 of unsecured debt.
How IVA works:
Debt experts review your income and expenditure and work out how much you can realistically pay out in a period of 3-5 years.
Debt experts negotiate with your creditors and in case of an agreement to the arrangement your debts and future interest are frozen.
There is ONE affordable monthly payment.
Up to 75% of your debts can be written off at end of the arrangement period.
If you keep up with the payments you will be debt free in 3-5 years.
Reduce current credit repayments by up to 75%
