Things to consider

An IVA typically lasts for five years and at the end of the term, debts included are completely written off, as this is an insolvency solution there maybe somethings you want to consider:

  • Your lenders are not obliged to accept the IVA

  • If the IVA fails, it could lead to bankruptcy

  • There will be a restriction on expenditure whilst on the IVA

  • You will be placed on the public insolvency register

  • Your credit rating is affected for 6 years

  • In the final year of the IVA, if you are a homeowner, you may be required to remortgage your home. If successful, the terms of the new mortgage may be less favourable. If you can't remortgage, the term of the IVA will be extended by 12 months

Fees are payable if ongoing services are provided, read more here.

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Legal

Debt Free Direct is a trading style of Freeman Jones Limited. Registered Office: Think Park, Mosley Road, Trafford Park, Manchester M17 1FQ. Co Reg No 4348410. Registered in England and Wales. Freeman Jones Limited has Licensed Insolvency Practitioners who are authorised by The Insolvency Practitioners Association. Calls are recorded for training and quality purposes. Calls to 0161 numbers from mobiles and landlines are charged at local rate. Please check with your network provider for details of your call package.

Catherine McNeill & Michael Bellingham are licenced Insolvency Practitioners regulated by The Insolvency Practitioners Association.

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