If your debt is over £15.000 and you can’t pay it back, the most common advice we give to cases like yours is an Individual Voluntary Agreement (IVA).
IVAs have become almost a standard since the ’80s among those who have a high unsecured debt. They’re a contract between the lender and the borrower and stipulate the terms of the debt.
Some benefits of the IVAs
- You will be queried to see exactly how much you will be able to afford paying back each month, so your living standards will remain unaltered;
- You are to be debt-free after 60 months and completely free of the IVA. The remainder of your debt will be written off;
- You will not be bankrupt as an IVA allows you to still have bank accounts and manage your business;
- If your debt is being managed by an Individual Voluntary Agreement, you’re free of the hassle debt companies practice;
- Debt collection agencies will not be able to drag you to Court as long as you make your repayments;
- No extra fees added to your debt;
- You will be able to reduce up to 80% of your debt.