Why Choose An IVA?
So you may have heard of an IVA and how they can help you break free from debt. Read the reasons here ‘Why Should I Choose An IVA?’:
Some reasons why an IVA may be suitable
An IVA Allows You To Be Debt Free Within A Fixed Period Of Time
This is usually, no more than 5 years.
An IVA Eliminates Creditor Contact
During an IVA your creditors cannot make payment demands by letters, telephone calls or house visits, as you are then repaying some or all of the debt during your fixed term IVA.
An IVA Stops Any Further Interest And Charges Being Added To Your Name
During the IVA your creditors cannot add any further interest or charges to your unsecured debts, all of which will be included within the IVA.
An IVA Allows You To Pay One Single, Affordable Monthly Payment
During the IVA you pay what you can afford to pay each month, after your living costs have been taken into consideration.
An IVA Agreement Is Legally Binding
You know when you will be debt free. The creditors cannot change the terms and demands once the IVA is in place, giving you peace of mind of knowing exactly where you stand until the debt is repaid (as per your IVA agreement).
An IVA Can Enable You To Repair Your Credit Rating Faster Than You Might Have Otherwise
An IVA will remain on your credit record for six years. This is actually the same length of time that any other adverse credit is recorded for, e.g. a CCJ.
An IVA prevents any further legal action from being taken against you
So long as you adhere to the terms of your IVA arrangement, e.g. you make the correct payments on time, you are protected by law from having any further legal action taken against you.
Your IVA Is A Private Agreement
When you undertake an IVA, it is a private, lawful agreement between you and your creditors. This means it will not be published in the local papers.
An IVA Does Not Affect Your Employment In Most Cases
There are only a small proportion of individuals who cannot do an IVA due to their profession.
Homeowners Can Do An IVA
If you qualify, it’s irrelevant whether you’re a homeowner or tenant, you may still qualify for an IVA.