Tag Archives: iva

IVA versus bankruptcy – which form of insolvency is best for me?

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UPDATE: the bankruptcy application process for people living in England, Wales and Northern Ireland is changing in 2016. Visit our bankruptcy changes page for more information

This page contains information about debt solutions available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. Before considering an IVA as a debt solution, please make sure you fully understand the risks involved. More information can be found on our website

Working it all out

Working it all out

With some financial situations you may have more than one option for resolving your debt. We’ve all heard of personal bankruptcy and many of us have now heard of an individual voluntary arrangement or IVA.

They’re both forms of insolvency and in some situations it can be a choice between these two debt solutions. But, what you really want to know is this: which is best for you?

Well, both solutions will get you debt free, we regularly recommend both solutions and support those clients through their IVA or bankruptcy. It really comes down to your individual circumstances and what the best advice is.

Continue reading »

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Redundancy and your IVA

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This page contains information about debt solutions available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. Before considering an IVA as a debt solution, please make sure you fully understand the risks involved when entering an IVA.

Redundancy and IVAs

Redundancy is tough, but we can help you

The economy hasn’t been in great shape since 2007 and unfortunately redundancy continues to be common in some industries.

If you’re on an IVA and have been made redundant we still want to make sure your IVA is successful and you become debt free.

If you’ve received a redundancy payment then there could be some other options to consider, we’ll help you work out your options. Continue reading »

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What constitutes credit on an IVA?

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This page contains information about debt solutions available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. If you are considering an IVA as a debt solution, please ensure that you fully understand the risks involved when entering an IVA.

What counts as credit?

Are these “credit”?

We all know that as part of the terms and conditions of your IVA proposal you should avoid taking out further credit.

We’d discourage any form of borrowing at all, but you can’t borrow more than £500 without your supervisor’s permission in writing.

But what constitutes “credit”? Let’s investigate… Continue reading »

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I’m on an IVA but creditors keep contacting me!

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This article contains information about debt solutions available in England, Wales and Northern Ireland. Scotland residents have a similar debt solution known as a protected trust deed. Before considering an IVA as a debt solution, please make sure you fully understand the risks involved when entering an IVA.

Still getting calls?

Still getting calls?

One of the pluses of choosing an IVA as a debt solution is that once it’s approved creditors can no longer make contact with you to chase the debt.

After all you’ve entered a legal agreement that creditors have approved in order to repay a percentage of what’s owed based on what you can afford.

So why do you still get phone calls and letters from some creditors? Continue reading »

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What happens when you make your final IVA payment?

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This article was written in relation to a debt solution available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. Before considering an IVA as your debt solution, please make sure you fully understand the risks involved when entering an IVA.

Your last payment

Your last payment

It’s been a long journey and you should feel very proud, completing an individual voluntary arrangement (IVA) is no mean feat.

It means you’ve lived without credit and on a budget for a period of five to six years, and of course, the reward at the end of an IVA is that you’re debt free.

Continue reading »

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Can I miss payments into an IVA?

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This article contains information about debt solutions available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. If you are considering or have been recommended an IVA as a debt solution, please make sure you fully understand the risks involved when entering into an IVA.

Can I miss payments?

Can I miss payments?

When you sign up to an IVA you’re signing to say that you’ll stick to the payments outlined in your proposal.

This will usually mean making five or six years of instalments every single month.

But what happens if that becomes a struggle? Continue reading »

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Watch out for this mis-sold IVA letter scam

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This page contains information about debt solutions available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. Before considering an IVA as a debt solution, please make sure you fully understand the risks involved. Please visit our website for more information.

Beware of bad IVA advice

Beware of bad IVA advice

For the past few years we’ve constantly warned our individual voluntary arrangement (IVA) clients about scam letters that try to take advantage of people with IVAs.

We’ve heard lots of stories of our IVA clients receiving ‘mis-sold IVA’ letters. These letters usually inform them that they’ve been mis-sold the debt solution and that the company can either help reduce payments to creditors or “get the debt written off” to be “debt free sooner”. Continue reading »

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