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IVAs: How It Works

  1. We will take your call and if relevant complete an income & expenditure review.
  2. If we can assist you by reducing your monthly outgoings or preparing an IVA, we will send out an information pack, which will contain documentation for you to sign and return, including the authority forms allowing us to speak to your creditors.
  3. Once you have received the pack, a dedicated Advisor will contact you to talk through the documentation, and answer any further questions you may have. From this point, you can then start referring any creditor calls or correspondence directly to us.
  4. As soon as we receive your documentation we can start contacting your creditors to advise them that we are acting on you behalf.
  5. As soon as we have obtained up to date balances for each item of credit, we shall be able to complete an accurate Income & Expenditure review and then arrange a meeting with your creditors. During this meeting we will negotiate for reduced balances and a ‘pro-rata’ payment, in line with what you can reasonably afford over a 60 month period.
  6. Once your IVA is approved all interest and charges on your unsecured debt is frozen. If creditors accept that you can only repay a proportion of your debt, the balance of your debt will be written off as long as you keep to the terms of your agreement.
  7. Your creditors will receive the agreed monthly amount within 5 days of us receiving it from you. You may occasionally still receive creditor statements, but these will be for your information purposes only.
  8. At anytime, you can contact us if you find that your circumstances have changed, and we will conduct an up to date review.

Why choose us?

  • Pay one affordable monthly amount without borrowing more money
  • Write off the debt that you can’t afford to repay after 5 years
  • Freeze interest and late payment charges
  • Stop threatening letters and phone calls
  • One point of contact for all unsecured debts

Call now 0800 197 4940

Consumers are beginning to borrow again which means they are ending up down the debt path again, according to Unbiased.co.uk