If you are struggling with your debt problems, you might be wondering what type of debt help is available. Government Debt Help in the form of an IVA could be an option for you.
IVA (Individual Voluntary Arrangement) is part Government Legislation through the Insolvency Act of 1986. It was introduced as a way for people who owe large amounts of unsecured debts to avoid bankruptcy.
An IVA is a legally binding agreement between the debtor and their unsecured creditors. As part of the government debt help agreement, the debtor will have to agree to make reduced monthly payments for the full IVA term, often 60 months.
IVAs.co.uk will deal with your creditors on your behalf and once your IVA has been confirmed your creditors are not allowed to contact you.
This Government Debt Help will mean that you can concentrate more on your secured debt, such as your mortgage payment. As an IVA can only include unsecured debt, you will still have to make these additional payments. Your IVA payment is based on your personal circumstances after all living expenses have been deducted, meaning that you should find your priority debt payments much easier to handle.
You don’t have to worry about your debts increasing through additional interest and charges. Once your IVA has been agreed, all interest and charges on your unsecured debt will stop.
Due to the nature of this type of government debt help, IVAs are only suitable for those with unsecured debts over £12,000 with three or more creditors. If you have serious debt problems, then an IVA is worth considering as no other debt solution allows a percentage of debt write off, apart from bankruptcy.
If you have much lower levels of debt but are still looking for a way to consolidate this into a lower monthly payment, then a debt management plan may be the best path for you.
IVAs.co.uk can offer you free advice on the range of debt solutions which are on the market including government debt help in the form of an IVA.
For free advice about your debts, talk to the IVA specialists on {Phone Number].