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People in the UK struggling with their debts can use an Individual Voluntary Arrangement as a way of resolving their debt problems. This option allows you to write off unaffordable debt without going bankrupt.
How does it work?
If you are struggling to pay off your debts each month then you can enter into an agreement with your creditors whereby you only pay what you can afford each month for a fixed period (usually 60 months)”
Providing you stick to this arrangement, at the end of your fixed period, creditors will write off any remaining debt.
Your creditors, after being presented with an IVA proposal which contains evidence of your financial affairs will review your case and providing they are happy with your proposal, you will enter into a legal arrangement and as long as you abide by the IVA terms and maintain the monthly payments, any remaining debt will be legally written off after the fixed period which is usually 60 months.
Take back Control
Individuals can find themselves in financial difficulties for any number of reasons, often through no fault of their own. Illness, breakdown of a relationship and loss of job are common reasons but people don’t like to talk about these personal things.
You are not alone, the good news is that regardless of how much you owe, if you have fallen behind with your repayments, you can set up new agreements with all your creditors to take back control of your finances.
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At Check My Debt we can remove the stress of debt by helping you see clearly the effective solutions available to you. Our goal is to provide clients with complete debt advice so they don’t have to go elsewhere. With over 35 years of experience between our team of experts, we can ensure you get the best advice which is practical and fair for your situation.
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Free debt counselling, debt adjusting and credit information services are available from the Money Advice Service.
Find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money. For further impartial advice please consult publications published by the Insolvency Service (England & Wales) In debt dealing with your creditors, the Department of Enterprise, trade and Investment (Northern Ireland) or debt advice published by the Scottish Government
Free debt counselling, debt adjusting and credit information services are available from the Money Advice Service.
One of the more popular debt solutions – An IVA allows you to repay your debts over a set period of time (usually 60 months) after which any remaining amount owed will be legally written off, this provides protection from creditor action and in most circumstances all interest and charges will be stopped.
www.check-my-debt.co.uk is a trading style of NTF Financial Solutions Limited. Company Number 06619172.
Registered office: Suite 4, Aus Bore House, 19-25 Manchester Road, Wilmslow, SK9 1BQ.
Nick Morgan and James Kaye are licensed to act as an insolvency practitioner in the UK by the institute of Chartered Accountants in England and Wales (ICAEW). We do not provide advice in relation to debt management and other similar products. We only provide advice in the reasonable contemplation of an insolvency appointment.