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WHAT IS AN IVA?

Our trusted providers will remove the stress and worry of financial problems for thousands of people in need. From debt management plans to bankruptcy advice, we’ve tackled just about every financial problem there is and helped our clients navigate through minefields of paperwork and legal jargon.

No matter whether you’re drowning in unpaid bills and need a solution quickly our team of debt relief specialists can help. Drawing on our in-depth knowledge and expertise of the debt and claims management through our associated companies, we’ll quickly and efficiently assess your situation and the possible solutions available to you. We appreciate that time is of the essence, especially if you are facing action from creditors, and will act decisively to assess your options and identify those suitable to help you achieve the best possible outcome.

We can offer advice through our associated companies in the following areas: IVA, Debt Management, Trust Deeds for Scotland, Bankruptcy, Sequestration, PPI Claims, Mortgage and Bank Charge Reclaims, Secured Loans / Unsecured Loans, Debt Arrangement Scheme, Mortgages / Re-mortgages and Pensions.

We can offer practical solutions to alleviate any money worries that you may have and show you that there is light at the end of the tunnel. By providing professional opinion on your situation we will help you navigate your way towards a position of financial security.

There’s no need to worry in silence. Call and speak to one of our advisors now on 0141 374 2165 and let us take the burden of worry from you.

What Protection Does an IVA Provide?

IVAs are set to protect an individual who is in debt from legal action. Those who are in extreme amounts of debt can be taken to court by creditors.

'IVA for you' will help you safeguard your family home, your car, and other expensive possessions from being repossessed. This will also reduce your repayments to an easy to manage, a single monthly figure which is paid directly to your Trustee. Your Trustee will make sure that your figure is an affordable amount and this will be negotiated with your creditors. Keep in mind that all through this, it is a voluntary process, however once agreed, it is legally binding.

IVA for you: Other Debt Solutions

There are other options that are available that differ from the IVA Agreement. DMP (Debt Management Plan) freezes interest on your debts and will protect your home and car, however it comes with its own arrangements.

An IVA is an easy solution that will help you reduce unaffordable multiple payments to creditors, in single affordable monthly payments. As your payments are made to your Trustee, there is no need for you to deal with your creditors any longer.

If you would like free, transparent and confidential advice, chat to us about debt solution options and Scottish trust deeds.

Debt Management – How It Works

There are two main paths for debt management. The first is that an individual can work through a debt management plan, which is essentially a budget agreed with creditors to repay them off at reduced payments. This could be an IVA (Individual Voluntary Agreement) or a Trust Deed in Scotland.

The second way is a Debt Consolidation Loan. This is where an individual takes out a single, large loan to repay all the outstanding loans and other debts you may currently have. This consolidates all of your payments into one monthly payment.

Here at 'IVA for you', we work as an introducer for debt management services aimed at finding you a provider for a debt management plan such as a Trust Deed or an IVA, or introduce you to a broker who will then search for a lender for debt consolidation loans. We gather your personal and financial details before passing them onto a broker who will liaise with lenders to find you the best possible option.

HOW WE HELP YOU WITH A DEBT CONSOLIDATION LOAN

Here at 'IVA for you', we act as an introducer to debt management companies to help you find the best possible outcome with regards to your personal debt management. It is our job to gather the necessary information from you to pass on to potential lenders who will then assess your situation and be able to offer a solution based on your personal circumstances.

The information that we gather is:

Once we have these details, we pass this to a broker who deals with the lenders to find the best possible debt solution for you. Should you be eligible for debt management services, you will receive several different options from which you can chose the one most suited to your needs.

WHAT IS A DEBT CONSOLIDATION LOAN?

You may not realise it, but your council tax bill is a priority debt and if you do not pay it then serious consequences may arise. If you have many different debts and are struggling to keep pace with all the repayments, it is possible to merge them together into one loan to lower your monthly outgoings. Essentially, you borrow enough money to pay off all your monthly loans, thereby owing money only to one lender. This cuts out the various difference interest rates and late payment fees, making your debt easier to manage.

There are two types of debt consolidation:

1.       Unsecured – This is where the lender has no claim to any of your assets should you miss repayments or ultimately default.

2.       Secured – This is where the amount you’ve borrowed is secured against an asset. The asset can vary, but most commonly this is your home. Missing repayments could result in your home being repossessed.

With a debt consolidation loan, you are moving all of your borrowing, or at least a sizeable portion of it, into a single loan. You can then close down the various other forms of debt (credit cards, loan arrangements etc) that you’ve previously had, using the credit gained from the consolidation loan to clear the debts. Rather than making lots of separate payments to different lenders every month, you only have to make a single payment to your debt consolidation loan provider.

When looking at the different loans that are needing paid off, remember to check to see if there is an early repayment charges – is so, you must factor these into your calculations.

Most debt consolidation loans are unsecured. This means that there are no assets held against the loan. For instance, a creditor cannot reclaim your home should you fail to keep up with the repayments on the debt consolidation loan. This does not mean that you should be lax about the repayments; a creditor can still pursue legal action through the courts to reclaim their money.

If your credit rating and financial history are poor, you may be asked to provide security for the loan. In this circumstance, you must be particularly careful that you do not default on payments, as your security (often a house) may end up being repossessed by the lender.

Council tax must be paid. Local authorities have extra-legal powers to collect council tax and unlike other methods of debt collection, council tax collectors act quickly if payments are avoided. If you refuse to pay the arrears, then it could result in bailiffs (or sheriff officers in Scotland) visiting your property.

If your council tax arrears are causing you worry and stress, contact one of our experts at IVA For You who can help you with your debt management problem.