Debt Free in 60 Months

Are you looking to become Debt Free in as little as 60 months? This might seem an impossible dream, but if you qualify for an IVA you can be debt free in this time-frame.

For more information free advice about how to become debt free in just 60 months, contact our Debt Free advisors on 0808 131 0039.

Debt Free in 60 Months with an IVA

IVA was introduced as part of Government legislation as a more practical alternative to Bankruptcy. An IVA can write off your debt but you don't have to risk losing your home.

An IVA is most suited to those with debt over £15,000 to over three creditors, are in employment and are technically insolvent. Being insolvent means that you cannot afford to repay your debt. 

It is a legally binding contract between the debtor and their creditors. One reduced monthly payment is arranged, and at the end of the 60 month agreement all unpaid debt is automatically written off. 

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.)