Advantages of an IVA
An IVA is a legal commitment, and the decision to enter into one should not be taken lightly. We believe in advising our clients on the both the advantages and disadvantages of your IVA, so you are best able to make up your own mind about your best option.
Please talk to our expert IVA Advisors on 0808 131 9100, who will give you free help. Alternatively fill in our Quick Enquiry form so we will call you back.
IVA Pros:
- An IVA can write off any unsecured debt you cannot afford.
- All interest and charges are stopped.
- Only 60 months away from being debt free.
- One low affordable monthly payment.
- An IVA is a legal private agreement between you and your creditors and, unlike bankruptcy, your details will NOT be advertised in your local newspaper.
- An IVA is legally binding, so your creditors cannot pursue you once the IVA has been approved.
- By reducing your monthly outgoings any pressure that you are under from making payments to your secured creditors is alleviated.
- No need to sell any major assets.
- An IVA should not hinder your future career prospects.
- You can still keep your current account, and have a better chance of getting credit once the IVA is completed.
Entering into an IVA may adversely affect your
credit rating for up to six years from the date of approval.
Your property will be protected within an
IVA but you may be required to release all or part of any equity during the
period of the arrangement.
Failure to complete the term of an IVA can
result in bankruptcy.
(In Scotland, a PTD is the equivalent to an IVA.)