The IVA has helped thousands of people avoid the consequences of bankruptcy and could be the ideal solution to dealing with your debt problems effectively if you have debts over £15,000 and are struggling with your repayments.
An IVA (or Individual Voluntary Arrangement) is a legally binding contract between you and people you owe money to that allows you to pay back what you can afford in set monthly repayments. An IVA usually lasts for a period of five years, after which time the remainder of your debts will be written off and you have no further obligation to people you owe money to.
An IVA must be the best course of action
At Debt Free Direct we will advise you on proceeding with an IVA only if it is shown to be the best course of action for you to take. We will first look carefully at your individual situation using our independently audited Best Advice Model.
An IVA is often shown to be the best solution for those really struggling with debts over £15,000. The benefits of an IVA are as follows:-
* You make only affordable monthly repayments.
* An IVA is legally binding so you will have no hassle from people you owe money to.
* You can avoid bankruptcy and the possibility of losing your property.
* Unlike many informal debt management plans, your interest payments are legally frozen.
* An IVA will allow you to reduce your debts to a level you can afford and become debt free in five years.
At Debt Free Direct we are experienced at helping those with debt problems and will talk you through every aspect of an IVA. We will only advise you to proceed with an IVA if we truly believe it to be the best possible solution to your individual debt problem. If you do not qualify for an IVA a Debt Management Plan may sometimes be an appropriate alternative.
Debt Free Direct will not charge you a fee whether you decide to proceed with an IVA or simply take our advice. If, you do qualify for an IVA then we will not charge you a penny; our fees are covered by people you owe money to.
