If you cannot manage your monthly expenses and are in debt, there are government solutions available to you such as IVA advice.
An IVA could be a potential solution to your debt but it will depend on your specific financial situation.
With an IVA, you can begin to pay back your debts over a set period (typically 5 or 6 years).
Throughout this article we will look at what an IVA is and how to assess your finances to see if an IVA is for you. With the right financial steps you can begin to regain control of your financial future.
IVA Advice: Understanding What an IVA is
An IVA binds you with your contractor on legal terms. Doing so, it allows you to manage all debts under a certain time period. So, with the passage of time, your debts will minimise with IVA.
After establishing IVA, you can manage your interest rates with it. It handles all default charges, payment plans, and affordability levels for you.
While settling for an IVA, it is important to understand all terms and conditions. IVA can leave a permanent mark on your credit ranking if you agree to its terms without understanding. Your financial future is dependent on it!
It is important to get help from a professional advisor like Debt Advisor. They negotiate on your behalf and make the IVA process smooth. They can also evaluate whether you need an IVA plan or not.
Free Online Solution Finder: Find Out if an IVA is Right for You
If you are not into contacting a debt advisor, you can also use our free solution finder. It works the same as a debt advisor as it helps to assess whether an IVA is suitable for you.
For this purpose, you have to answer some queries related to disposable income, type of debt, and repayment time. There is no need to pay for any financial assistance in this procedure. Answer simple questions and get your IVA plan ready.
The results of the test will evaluate your financial situation and propose a suitable IVA. In some critical cases, it recommends various other debt advice.
Instant IVA Advice: Discover How We Can Help You Today
Mymoneyoffice can help you in getting out of overwhelming debt. Our team assists in providing professional and experienced advice. There is no obligation for this. Furthermore, you will get suitable tailored advice on the basis of your current situation.
Our team will help you with all necessary paperwork and provide you relief against creditors and loan sharks. We provide free, unbiased, and confidential financial advice.
At mymoneyoffice, you will be informed about the debt solutions and alternatives you may be eligible for. As IVA is not the only solution. Let us take your financial burden. Contact us today and share your financial worries. Get instant tailored advice.
Qualifying for an IVA: What You Need to Know
If you are considering IVA to get out of debt, you should have a look at the qualification criteria.
- Having more than £5,000 in unsecured debts.
- You have more than 2 creditors
- You are a resident of England, Wales or Northern Island. If you’re located in Scotland a Trust Deed could be a suitable alternative.
- Willing to pay £70 or more towards your debts consistently.
- Being unable to repay debts within a reasonable period.
- Having sufficient disposable income left each month after meeting necessary expenses like rent and bills is also essential.
- You must also demonstrate that you have made efforts to repay debts without seeking professional advice before applying for an IVA.
If you meet the above criteria, you are eligible for IVA. Start making your financial plan today!
Putting Your Debts into an IVA: A Comprehensive Guide
Settling for an IVA is not as easy as it seems. First you have to evaluate its pros and cons. Get professional help to understand it. The next step is to evaluate your current financial situation. It is one of the most important steps in this procedure. Try to remain as honest as possible since your decision can shape your future. Estimate what you can pay on monthly basis.
The next step is to find an insolvency practitioner (IP) for you. He will further evaluate your case and provide you with relevant advice. Another important task that IP does is the preparation of proposals. Proposal outlines repayment plans and terms and conditions for both parties.
After the successful acceptance of your proposal, you are all set to pay your monthly payments. Make all payments on time and monitor progress regularly. It is important to make sure everything goes as per the plan.
What Can and Can't Go into an IVA: IVA Advice
Understanding which debts are eligible to be included is vital when considering an IVA to manage significant debt amounts.
Following debts can’t be included:
- Secured debts, limited company liabilities, and student or government loans cannot be included in an IVA.
- Court fines, child maintenance payments, and certain tax debts are also excluded from the IVA.
- Mortgage arrears for property no longer inhabited and child maintenance costs incurred during the IVA may not be considered.
- Bankruptcy cannot include fraudulent activity after it has been entered into.
Debts that can be included:
- Credit Card Debts issued by HSBC/Natwest, Payday Loan Agreements with Quickquid/Cashfloat
- Tax Liabilities owed to HMRC/Government Agencies
- Unsecured Loans from multiple Banking Institutions
- Bailiff Fees due towards Moorcraft Group/Opos/Advantis.
- Overdraft balances can also be consolidated.
An IVA is a perfect solution for those in difficult financial situations due to debts. You can explore various options like reduction of payments and safety from creditors. Use our easy, fast and free-of-any-charge IVA advice to get rid of debt in minimum time. Click here to try the free solution finder.