IVA debt advice from Debt Free Direct could help you take the first steps towards a debt free future today. We are experienced in offering impartial debt solutions and we help thousands of people struggling with debt every month.
If you or your partner are in full time employment and have debts over £15,000, our IVA debt advice could really benefit you. An IVA or Individual Voluntary Arrangement allows you to pay back what you owe in set monthly instalments that you can afford, usually over a period of five years. An IVA avoids the consequences of bankruptcy, such as losing your home or job, and after the term of your arrangement, any remaining debts are wrote off.
Who can qualify for an IVA?
Anyone with debts over £15,000 and in full time employment may qualify for IVA debt advice, but we will only recommend an IVA if our best advice model identifies it as being the best solution for you.
We provide IVA debt advice to all those who need it, but for those with debts of less than £15,000 a debt management plan or consolidation loan may be a more appropriate solution. A debt management plan is an informal arrangement made with people you owe money to in which lower monthly repayments are agreed. Unlike an IVA, a debt management plan is not a legally binding contract and therefore the terms of the agreement are subject to change. Many people decide that, after hearing our IVA debt advice, an Individual Voluntary Arrangement is the most effective solution for them.
Other possible debt solutions
If after discussing our IVA debt advice with you, we find that your debts are not at a level which would benefit from an IVA, don’t worry. A consolidation loan or informal arrangement could be an option. Consolidation loans are often not suitable for those with debts greater than £15,000 as the added financial burden can actually worsen the situation. If we do identify a loan as being the best solution for you, we will search the market to find you the best product. At Debt Free Direct, all our advice is free and given with no obligations: we will not charge you for our debt counselling.
