Don’t you wish someone could wave a magic wand and stop the hassling phone calls and threatening letters?
If only you could shake free from the dread of losing your home or the fear of bankruptcy (and possibly your job with it).
Well, someone understood your problem and created what is known as an IVA (Individual Voluntary Arrangement).
It is designed to help people like you who genuinely want to sort out their debt and need help to do it.
What’s an aunt for if not to offer support and help when you need it most?
Here’s the deal.
An IVA is suitable for those who have at least £6,000 of debt and can afford to make a reasonable fixed payment each month for up to 5 years.
Interest and charges will be frozen, you will not be forced to sell your home, and all threatening letters, phone calls and bailiff visits will cease.
At the end of the IVA, any outstanding balance will be cancelled – forever.
How does an IVA work?
An individual voluntary arrangement (IVA) is a formal agreement with your creditors which will be negotiated for you.
You will agree to pay an amount you can afford every month for a fixed period, usually five years.
It may not repay the outstanding amount of your debt, but when you enter into an IVA and stick with it for the agreed term the balance of your debt will be written off.
No more escalating interest.
No more fear.
No more threats.
No more worrying about keeping a home together for your kids.
Just sticking to a manageable agreement for five years.
After that, you’ll be free and clear.
Every IVA is individually worked out and is legally binding.
It may be for a shorter term than 5 years (60 months) or you may be able to negotiate a one-off lump sum payment by releasing equity in your property or assets.
If your circumstances change, it may be renegotiated.
The key is that the IVA payments will be affordable and they cannot increase with interest.
Why is an IVA better than Bankrupcy?
The great thing about an IVA is that, unlike bankruptcy, you will not automatically lose your house or assets.
Once the agreement is in place, it is legally binding.
No-one can hassle you for more money, as long as you stick to it.
In effect, you can shelter under the legal protection of an IVA, rather than fearing it.
In some cases, bankruptcy could be a disaster for your job, particularly if you are running a small business.
Bankruptcy is also not permitted in some careers, such as accountancy, the police force or the Armed Forces, but an IVA may be acceptable.
You need to get confidential advice from our experts and check your situation carefully before signing any paperwork.
Once you have reached the end of your IVA, you will not be blacklisted with credit agencies for the rest of your life.
Once the payments have been concluded, you can arrange a small amount of manageable credit, make repayments and start to rebuild your credit rating immediately.
Five years may seem like a long time, but without an IVA where will you be? Probably even deeper in debt as interest will have been added, along with possible court and bailiff fees.
Five years with an IVA gives you a light at the end of the tunnel.
If you want to start your new life with a manageable IVA, contact Aunt Meg in confidence and see how we can help.