If you have a debt of more than £5000 and owe money to two or more creditors, an IVA is often an appropriate solution for those struggling with unsustainable amounts. You will need to prove that you have a steady income, which will allow for regular monthly payments of a minimum of £70.
A number of individuals choose an IVA as it will create a structured repayment plan with frozen interest on most types of debts including; credit cards, loans, overdrafts, payday loans and overdue tax repayments. There are a number of debts which are excluded from an IVA, such as; social fund loans, student loans, court fines, child support arrears, hire purchase agreements and secured loans and mortgages.
An IVA is particularly beneficial to professionals such as accountants or solicitors, who would not be able to continue working when under bankruptcy.
An IVA can act as a final way to complete repayments to creditors as part of a debt management plan. Entering into an IVA is often beneficial to your creditors, particularly if you have received a statutory demand or bankruptcy petition, so in many cases the proposal made is agreed. Click here to know more about #iva's.
A number of individuals choose an IVA as it will create a structured repayment plan with frozen interest on most types of debts including; credit cards, loans, overdrafts, payday loans and overdue tax repayments. There are a number of debts which are excluded from an IVA, such as; social fund loans, student loans, court fines, child support arrears, hire purchase agreements and secured loans and mortgages.
An IVA is particularly beneficial to professionals such as accountants or solicitors, who would not be able to continue working when under bankruptcy.
An IVA can act as a final way to complete repayments to creditors as part of a debt management plan. Entering into an IVA is often beneficial to your creditors, particularly if you have received a statutory demand or bankruptcy petition, so in many cases the proposal made is agreed. Click here to know more about #iva's.
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