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In Debt? Dealing With Your Creditors

  

Why people choose us

Acceptance Rates
94% of IVA's we propose
are accepted by creditors

Reputation
Established for over 7 years and enjoy an excellent relationship with creditors.

Regulated
Regulated and monitored by the Insolvency Practitioners Association

Customer Satisfaction
Rated 4.43 out of 5 from our customer surveys and 4.4 / 5 on reviewcentre.com* 100% of customers would recommend us to a friend*

*Review scores correct as at August 2015 *Recommendations are taken from reviews submitted between June and August 2015

  

  

  

  

Home » IVA’s

IVA’s

What is an IVA?

An IVA (Individual Voluntary Arrangement) is a popular debt solution for people who cannot afford their unsecured debts but want to pay as much as they can realistically afford to them. Its growth as a solution for unmanageable debts has been significant over the last 10 Years.

Click here for a Brief History of IVA’s >>

Put simply it is a legally binding proposal of payment to your debts based on what you can realistically afford to pay over usually just 60 months. It allows you to put forward a fair and equal offer of repayment to your debts were there is no ability for you to repay them in full. It freezes interest and charges to ensure your debt cannot increase and protects you and your essential assets such as your home or car against any further collections activity by your debts.

You are basically explaining to your creditors that you want to repay them but you can’t afford to make the full monthly payments and asking them to freeze interest and charges so that you can pay as much as you can afford over the next 60 months and then write off the rest that you can’t afford to repay.

Will I qualify for an IVA?

Whether an IVA is suitable depends on your personal circumstances but in short if you meet the basic criteria below it could be an option for you:
• You owe more than £3,500 of debts (either yourself or jointly with your partner)
• You owe money to two or more debts
• You have a regular income from benefits and/or employment and can afford to pay £51 or more to your creditors, or you have a lump sum to offer from savings, assets or investments.
• You are struggling to meet your contractual payments to your creditors each month.
• You are resident in England, Wales or Northern Ireland

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How could an IVA help me?

If you are struggling with unmanageable debts, want to regain control and ease the stress of dealiong with the companies you owe money to whilst securing an affordable repayment over a realistic time then an IVA could be an ideal solution for you.

We can assist you in preparing an affordable offer of payment to your debts and agree with your creditors to write off the debt you cant afford to repay in the time agreed. IVA’s are usually agreed over a period of 60 months as this is considered a reasonable time for you to maintain a repayment to your debt.

We will deal with all of the communication with your creditors before and after your IVA is approved and then once approved, prevent them from any further contact with regard to repayment of the debt and stop any further collections activity including charges against your assets, County court judgements, attachments of earnings orders and even bankruptcy.

Relieve the stress of dealing with your debts and gain an affordable repayment through a Debt Support Centre IVA.

Debt write off can be as much as 80% depending on individual circumstances
Over 94% of Debt Support Centre IVA’s are approved by creditors

Click here for benefits and considerations>>

How do I apply for an IVA?

Simply contact us and one of our trained assessors will discuss your situation and requirements. If an IVA is a suitable solution and you wish to go ahead we can do rest.

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Do You Qualify for an IVA?

What do our Customers say?

" I really don’t know what I would have done without the IVA. I was recommended by my brother’s friend back in 2008 who was in a similar situation. Definitely the right thing for me to do. I am now building up my credit status so I can hopefully obtain a mortgage in the future. I am more careful with money / finances now and don’t take credit for granted! Thanks very much for everything the team has done for me!"

Mrs Purser,

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Important Information

Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.

Debt Support Centre Ltd provides insolvency solutions to individuals, specialising in IVA's. We do not administer or provide advice solely relating to debt management products, such as Debt Management Plans. Advice and information on alternative options will be provided following an initial fact find were the individual(s) concerned meets the criteria for an IVA and wishes to pursue it further, as governed by our regulators The Insolvency Practitioners Association. All advice given on any alternative options is therefore provided in reasonable contemplation of an insolvency appointment.

The Money Advice Service is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here.