There are lots of different options for clearing debt and it’s easy to get confused as to what’s the best option for your situation. Through our website, you can access quality advice and help on IVA’s and debt management plans.
Pros of an IVA:
- You only must pay an agreed percentage of your debt back
- You will be completely free of debt in a set period
- Your insolvency practitioner will deal with your creditors for you
- You will not have to sell your home
- It’s affordable and the plan is tailored to you
- Charges and interest on your debts will be frozen
Cons:
- Although the acceptance rate for an IVA is very high, your creditors must still agree on it
- You will be on a tight budget whilst the debt is being repaid
- It will affect your credit score but once it’s over, it allows you to rebuild it
- You will be listed on the Individual Insolvency Service register
If you’d like to speak to an advisor right away and get the process started, please fill out the form on our website and someone will be in touch.