Individual Voluntary Arrangement (IVA)
An IVA is a good option to clear off debts of more than £15,000
- Write off all the debt you can't afford
- Prevent or stop legal action - including bankruptcy
- Government legislation that helps you clear debts in 60 months
- One lower affordable monthly payment
IVA stands for Individual Voluntary Arrangement. It is a legal and government approved method of resolving debt that avoids the consequences of bankruptcy. If you owe over £15,000 to three or more creditors and can't afford to meet the repayments then an IVA through Burgess Bowen can set you on your way to becoming debt free.
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for five years, after this time any remaining debt is written off and classed as settled. The majority of your creditors must agree to accept the terms of the arrangement before it can be put in place. An IVA can write off anything up to 75% of your debt.
What are the benefits on an IVA?
Once the arrangement is in place your creditors are not permitted to take any action against you. You will also have a time scale of exactly when you will be free from debt. An IVA is a favourable option to bankruptcy, for both you and your creditors. The arrangement is fixed so your creditors cannot change the terms or payments and any interest and charges are frozen once the arrangement is set up. This means that you are able to face your money worries and look forward to being free from the burden of debt.
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Benefits of an IVA
- Write off a large proportion of the debt you can't afford.
- Prevent or stop further action, such as legal action and bankruptcy
- Government approved legislation to clear your debt within 60 months
- One single, affordable monthly payment towards all of your debts
Problems with debt? We'll put you in contact with people that can help.
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Debt Management
Debt Management Plan
A Debt Management Plan is a scheme that can help you pay back your debt at a rate you can afford. This is an informal arrangement between you and your creditors. You will make one single, affordable payment each month to us and we will distribute this between the companies who you owe money to.
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IVA
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement (IVA) is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for five years, after this time any remaining debt is written off and classed as settled. An IVA can write off anything up to 75% of your debt.
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Protected Trust Deeds
Protected Trust Deeds
A PTD is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for three years, after this time any remaining debt is written off and classed as settled. A PTD can write off anything up to 85% of your debt.
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Remortgage
Remortgage
A remortgage (also known as refinancing) is the process of paying off your mortgage with the proceeds from a new mortgage using the same property as security. Homeowners may choose to remortgage for various reasons, including to reduce the size of your monthly repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other debts.
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Loans
Loans
If you have a poor credit rating or are experiencing problems obtaining credit then it may be worth looking at loans offered to suit these circumstances. There are still options to help you get the credit you need. We can even help if you are suffering with defaults, CCJs or arrears. Whatever your circumstances, we can get you back on track.
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Debit & Credit Cards
Debit & Credit Cards
Pre-Paid cards ether debit or credit do not require any proof of income, so they are a quick and easy way to benefit from the convenience of a card without the risk of accruing debt, They work in much the same way as a pay-as-you-go mobile account. Load the card account with money & it can be used as you would any other debit /credit card.
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Bankruptcy
Bankruptcy
Bankruptcy is generally a last resort when it comes to debt solutions. If you are unable to repay your debts then Bankruptcy may be worth considering. A bankruptcy order will prevent your debt increasing and will technically give you a fresh start regarding your debts. It is very important you consider all options available and seek professional advice.