If you are struggling with unaffordable unsecured debts then an IVA (Individual Voluntary Arrangement) may be the best solution to your problems.
We are able to propose IVAs for repayments of £70
per month and debts as low as £5,500. These thresholds have
reduced since the presentation to the right was recorded.
An IVA is a Government created scheme to help those with unaffordable unsecured debts. It is designed to help people who have little prospect of repaying their debts in full - but who want to avoid bankruptcy and repay as best as they can.
An IVA is an agreement between you and the companies to which you own money - your creditors. We'll review your financial situation and decide with you what you can realistically afford to pay back each month. Should an IVA be the most appropriate course of action we will recommend a formal proposal to your creditors.
If the proposal is approved your debts are frozen and no more interest or changes can be made against you. Provided you maintain payments, your unpaid debt will be written off at the end of the IVA, which normally lasts 60 months.
Which debts can I include in my IVA?
The most typical debts included in an IVA are unsecured debts from personal borrowing, e.g. personal loans, credit cards and bank overdrafts. However some not so obvious debts can also be included.
Any service which you're no longer using, where money is outstanding, has the potential for inclusion in an IVA; e.g. unpaid nursery or medical bills.
Unsure if your debts can be included in an IVA or not - please call us for advice.
What if I'm a homeowner?
Under an IVA, your mortgage and any other secured payments are prioritised, which means they are taken into account before looking at how much you can afford to pay towards your other debts. Therefore your home is protected, unlike in bankruptcy.
If you have significant equity in your property, you are likely to be asked to make a contribution from that towards the end of the IVA by way of re-mortgage. This is subject to affordability; so you're never asked to pay more than you can realistically afford.
We receive more questions about home ownership and IVAs than anything else, so please call us for advice of how this may impact your decision to enter in an IVA.
Is an IVA better for me than Bankruptcy?
An IVA can be the most suitable debt solution for many people, it all depends on personal circumstances.
I'm already being taken to Court?
If you've already got a summons, you must act fast.
We can request the Court issues an Interim Order to stop any legal proceedings, including repossession of your home or bankruptcy, while an IVA or other solution is being prepared.
Who are DebtFree?
DebtFree is a trading style of Harrington Brooks, one of the largest and longest established debt resolution providers in the UK.
As of March 2014 we have over 50,000 clients on our financial management programme and a further 16,000 clients doing their IVA with us. In 2013 we set-up more IVAs than any other provider.
We employ over 500 staff in our offices in Sale, Manchester; the majority of which are involved in providing personalised debt advice, liaising with creditors or providing customer support and service.
Why should I choose DebtFree to prepare my IVA?
[*Figures from December to February 2014]
What happens when I submit my details?
Firstly, please be assured your details will be sent over a secure connection. Then, a specialist IVA advisor will call you discretely to discuss your situation.
He or she will ask some simple questions about your personal circumstances; your debts and about your household income. Once we have this information, we'll be able to advise on the options open to you.
This is an informal consultation; without obligation and can be completely anonymous at this stage if you prefer. Once you are empowered with the advice we can offer; you'll be in a better position to make an informed choice as to what to do next, even if that means you decide you don't need our help.
We are a REAL solution provider - many are not.
Many of the debt solution web sites on the internet are just marketing agencies rather than companies providing the service you're looking for. All they do is capture your details and sell them on. The same is true of the financial comparison websites.
We are part of Harrington Brooks and as of March 2014, we have over 65,000 clients trusting us to help repay debts.
Contact Us and we alone will handle your enquiry in the strictest of confidence.
Unsecured debts only. An IVA should only be considered in extreme circumstances as failure to adhere could result in bankruptcy. Terms & Conditions apply.
A record of your IVA will be retained by credit reference agencies for a period of six years. Your credit rating will be impaired and it may be harder to obtain credit in the medium to long term.
Fees and Costs:
Initial debt advice is free but fees are payable if a debt solution is agreed and provided.
Chargeable fees are made up of:-
No further fees are payable by you.
For more information see - explanation of IVA Fees.
Cooling Off Period/Right to Withdraw
You can withdraw your proposal for a voluntary arrangement at any point up and including the day of your creditors' meeting. Once the arrangement has been approved at the creditors' meeting and you have agreed to be bound by its terms, you have entered formal insolvency proceedings and no cooling off period applies.
No.1 for IVAs
We set up more IVAs
in 2013 than any other
provider, by some
distance. *** more »
We've over 16,000
current IVA clients.
We've over 1,700 online reviews and are rated No.1 IVA provider on ReviewCentre.com
Our IVA clients repay on average 45% of their debt* to become Debt Free.
96.4%** of our IVA proposals accepted by creditors.
*repaid upon successful IVA completion. Total repayable depends upon personal circumstances.
** last 3 month average
*** undisputable Insolvancy Service figures.
If your debts are currently as follows...
|Credit Card 1||£4,000|
|Credit Card 2||£6,000|
|Personal Loan 1||£16,000|
|Personal Loan 2||£4,000|
|Total Debt £33,000|
After entering in to an IVA, they could be...
Payment levels are based on individual affordability of applicant.