Relieve Your Tensions with an IVA to Have Your Debt Cancelled

IVA Guide

It is very frustrating to have your creditors call you up to pay off the debt time and again. not only does it remind you of your mistakes, but also adds to your routine stress paving way for mental and physical health problems.

This situation is very unpleasant for sure, but it does come with a potent solution. You can have your debt written off easily with an IVA. We are sure of it because we have helped many others before you and are here to assist you with the same.

What is an IVA

IVA is the acronym for Individual Voluntary Arrangement which is an easy debt solution exercised commonly in the UK that allows you to easily combine all your previous leaky debts so you pay only one affordable amount every month to an IP (insolvency Practitioner.)

These monthly installments start from around £70 to £80 and span over 5 years. When the IVA ends, your remaining indiscreet debt is cancelled allowing you to become completely debt free. It as simple as that.

How can IVA help me

An IVA can help you in many ways. If you seek an ultimate solution to end your debt issues for good, an IVA is a practical approach to ensure that. It helps you escape your creditors for good by requiring them to connect to your IP instead of bothering you that relieves your tensions.

In addition, an IVA safeguards your family home. In case, you own a house and some real estate equity, it is likely you will be required to release some property to pay off your lenders and end up losing your property or your home. However, with an IVA, you get a chance to protect your home by easily paying off your debt.

Benefits of IVA

An IVA by Get Me Debt Help comes with a range of benefits:

  • It helps you write off as much as 95% of your unsecured debt.
  • It consolidates all your debt payments requiring you to pay off only one amount monthly.
  • It enables you to gradually pay off your debt in small, affordable installments over 60 months.
  • It provides you with relief from harassment by your creditors as they will contact an IP, not you.
  • It saves you from becoming bankrupt.
  • It allows you to gain freedom from financial instability.
  • It mitigates your financial worries allowing you to live a stress-free life.

How do I Qualify for IVA

To be eligible for an IVA by Get Me Debt Help, you need to meet the following criteria:

  • Have an indiscreet debt of £6000 or more
  • Have 2 or more creditors
  • Have a regular income stream
  • Reside in the UK

Agree on paying £70 or more as the combined monthly installment to pay off your debt

The IVA process

The IVA process by Get Me Debt Help is quite easy and simple. First, you will have to identify the percentage of your debt that can be written off. You can find that out through our calculator, or by speaking to our consultants.

Our experts at Get Me Debt Help will then guide you in choosing an appropriate IVA plan and preparing the right documentation for it. The documents will be passed on to a licensed IP who will examine your case and figure out the amount you can realistically pay off. A proposal will then be sent to all your creditors and once they accept it, it will turn into an official, legally binding agreement.

What Debts can be written off with IVA

With an IVA by Get Me Help, you can have the following of your unsecured debts written off:

  • All unsecured loans
  • Credit card payments such as those with Capital One, Virgin, Asda, Vanquis, Natwest, HSBC and Barclaycard
  • All your overdraft debts related to your previous or current bank account
  • Council tax arrears and debts
  • HMRC debts
  • Bailiff debts like those with Cabot Financial, Opos, Advantis, Lowell, PRA Group, Moorcroft Group etc.
  • Payday loans like Cashfloat, Drafty, Satsuma, QuickQuid and Lending Stream

What debts can’t be included in IVA

The following debts are not covered by an IVA:

  • Rent arrears and dues unless your landlord approves your proposal
  • Guarantor loan arrears
  • All debts from your secured loans
  • Hire purchase arrears and debts
  • Mortgage dues unless you have already left that property

24/7 Customer Support Available

We prioritize our clients and their needs which is why we have set up a friendly and professional customer support department available to support you 24/7.

Pros and cons of IVA

An IVA aims to help you pay off your unsecured debts in a secure and affordable manner. While it is a great debt solution, it is best to be aware of its pros and cons to better understand if this option is suitable for you. Here are the pros of the option followed by its cons.

Pros of Getting an IVA

  • During the duration of an IVA, your credit score will drop, but this does not mean it will stay the same for good. It will be taken off from your file once you have paid off the IVA allowing you to reconstruct your credit score from scratch and start fresh.
  • Shields your assets: With an IVA, you easily safeguard your assets including real estate and home equity as your creditors won’t be allowed to compel you to sell those to pay off the debt.
  • Ends your debt: An IVA lasts for a definite time period, mostly spanning over 5 years. After the timeframe is agreed upon by your creditors, it cannot be changed and once that duration ends and you have paid off all your dues, you become debt-free for good.
  • Keeps your debt from growing: Once the IVA agreement is official, your creditors cannot add any interest to the original outstanding amount, or charge you with any additional fees. This keeps your debt from growing to a huge amount so you manage your finances better.
  • Puts an end to frustrating calls by lenders: As soon as you enter into an IVA, your creditors will be directed towards your IP and you won’t have to take their frustrating calls and messages ever again.
  • Helps secure your job: While a bankruptcy keeps you from doing certain jobs, an IVA does not. You are allowed to take on any job you want even after entering into an IVA that makes it easier for you to get your financial situation back on track.
  • Abolishes any legal action: Since an IVA is a legally binding agreement, your lenders will not be allowed to take anymore legal action against you.
  • Safeguards your status: An IVA isn’t made on public record and does not change your tax code as well unlike in bankruptcy. This means nobody will know about your financial condition and your reputation will be protected.

Cons of Getting an IVA

  • Impacts your credit rating: Getting an IVA does impact your credit rating for around 6 or more years as you won’t be able to get any credit during this time period.
  • Accept the windfall clause: Upon entering an IVA agreement, you will have to declare any windfall/ financial gift you currently receive, and will also be required to pay it off to your lenders.
  • Financial status is reviewed annually: Every year, your financial condition will be examined and you may be required to increase your monthly payments if your IP feels you can afford them.
  • Restrictions on banking: When you enter into an IVA, you will only get a basic bank account that prevents you from getting a bank account accompanied by overdrafts, cheque books and credit cards.
  • No cancellation of the agreement: Since an IVA is an official agreement between you and your lenders, you cannot later cancel it off. In case, you wish to dismiss your IVA agreement, you could be pushed towards bankruptcy.

FAQ

Most frequent questions and answers

An IVA generally lasts for 60 months or 5 years and ends if you pay off all your debts during this duration.

If you are tired of being chased by your creditors, suffering from chronic stress and tarnishing your credit history, an IVA is a viable solution for you to write off all your debts once and for all.

Getting an IVA influences your life, positively and negatively- it basically depends on you whether the pros outweigh the cons or not. Its positives are that it allows you to be debt-free for good after 5 years, helps you start afresh, improve on your credit score and finally get your financial situation on track without having to take the phone calls and harassment of your creditors.

Its downsides are that initially it lowers your credit score and you won’t be permitted to take any credit while you are paying off your IVA installments. Since the pros usually outweigh the cons for most people and because an IVA allows you to eventually become debt-free, it primarily has a positive effect on your life.

During the duration of an IVA, your credit score will drop, but this does not mean it will stay the same for good. It will be taken off from your file once you have paid off the IVA allowing you to reconstruct your credit score from scratch and start fresh.

How Can I Get My Debt Written Off with an IVA

Getting your debt written off has never been this easy. Fill in the details required in the form and let Get Me Debt Help have your debt lowered quickly.