07341 208450
Your Debt Advice Ltd helps individuals in Glasgow and throughout England to consider IVA debt solutions for unaffordable, unsecured debts. We understand the struggle of managing credit repayments and household bills. However, an IVA can show you the path through them. An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors, allowing you to pay back what you can afford. These payments become legally binding.
BENEFITS & RISKS ASSOCIATED WITH IVAS
IVA works in two ways. You can choose to pay monthly amounts based on what you can afford, or you can opt to pay back what you owe in a lump sum (no set up fees to be paid before your IVA is agreed).
BENEFITS OF AN IVA
-
Pay monthly amounts based on what you can afford.
​
-
Your remaining debts get written off after making you final payment.
​
-
Interest, charges and debt collection stop meaning the amount you owe stops increasing.
​
-
Your insolvency practitioner deals with creditors on your behalf and creditors included in the IVA cannot take legal action against you.
​
RISKS OF AN IVA
-
Your creditors could request that you reduce your living costs.
​​
-
You could have to sell any valuable assets.
​
-
If you own any property, you may have to remortgage to pay the lump sum into the IVA.
​
-
The IVA will be recorded on a public register and has an impact on your credit file
​
By making contact to us, you are consenting to share your personal data with us and any named parties in our Privacy Policy, to contact you regarding debt solutions via a telephone call, email, text message and WhatsApp messages.
Please refer to the Privacy Policy