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Get expert IVA help & advice |
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Advantages of an IVA
- One monthly payment, tailored to your circumstances, usually for five years
- No uncertainty: you know how much you have to pay and for how long
- Upon successful completion you will have no further obligation to repay any balance of the unsecured debts included in your IVA
- Potentially avoids bankruptcy
- Can protect you from further action by your creditors
- Your creditors are legally bound by the terms of the agreement
Disadvantages of an IVA
- You will not be able to obtain credit until your IVA is finished
- Requires commitment, as you'll have to make regular payments for the full term
- If you don't stick to the terms of the IVA, it may fail - and this could even lead to bankruptcy
- You may have to:
- Release some equity in your property (if you're a homeowner)
- Contribute more if you receive a bonus or overtime payments
- 'Trade down' to a less expensive vehicle and/or sell valuable assets
- An IVA will involve repaying more of your debt than bankruptcy would
- An IVA will stay on your credit report for 1 year after its successful conclusion, which may make it more difficult for you to obtain credit
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Find a solution to your debt problems today
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Key information
- What fees are involved?
Depending on your situation, you may be advised to enter a specific debt solution. If you do, fees will be charged. We're one of the longest-established debt solution providers in the UK and aim to provide the very best customer service along with excellent value for money to ensure our fees remain competitive. Click here to read about our fees »
- Will it affect my credit rating?
Your ability to obtain credit will be affected for 6 years.
- What if I change my mind?
Remember, you are not obliged to enter a solution. If you do, and you change your mind, you have a right to cancel your agreement with us at any time during the first 14 days of its term.
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Subject to eligibility and acceptance. Debt write off applies to unsecured debts and only on completion of an IVA, alternative solutions may be offered. Homeowners may be required to release the equity in their property. Calls may be recorded and are usually free from UK landlines. Mobile phone users costs may vary and should check with their network provider. |
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© 2010 Freeman Jones Ltd. All rights reserved.
Carlton House, Vere Street, Salford M50 2GQ.
Company registration No. 4348410. Registered in England and Wales
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