BOOK A CONSULTATION CALL ONLINE
SPEAK IN CONFIDENCE TO OUR IVA CONSULTANTS
SEE IF YOU QUALIFY TO WRITE OFF YOUR UNAFFORDABLE DEBT*
And Our Team of IVA Consultants Are Here to Help You
IVA: Can I get One?
This depends on your debt level, the type of debts you have and your affordability. We will do an initial assessment on all these areas over the phone and let you know once this is complete.
IVA Disadvantages
If you are a homeowner, you may need to release equity in month 54 of the IVA, if this is not possible, then your IVA may be extended from 5 years to 6 years.
Your credit file will be negatively impacted for 6 years.
Only unsecured debts can be added to the IVA, and there are certain debts that cannot be included such as child maintenance arrears, Student Loans, and court fines.
You won’t be allowed to apply for more than £500 credit throughout the course of your IVA.
Your IVA is recorded on the public insolvency register.
IVA Advantages
An IVA is completely tailored around your finances and will create a plan that involves repayments that you can genuinely afford for a period of usually 5 years. Once the IVA is agreed upon, your creditors are no longer allowed to take any further legal or recovery action against you.
OR APPLY TO RECEIVE A FREE CALL FROM A DEBT CONSULTANT
What to expect during your call:
- Identify how much you owe
- If you qualify for the scheme
- How much debt you could write off
You'll receive a FREE consultation call from a representative of NDH Financial to see if you qualify for the scheme to write off your unaffordable debt*. There are no upfront costs or obligation to follow the solution identified.
What is an IVA?
APPLY NOWAn Individual Voluntary Arrangement (IVA) is an agreement between you and your creditors that allows you to pay one affordable payment to cover all your included debts. IVAs have to be setup and supervised by a Licenced Insolvency Practitioner, we are a fully Licenced Insolvency Practice with our own in-house Insolvency Practitioner.
Our IVA assessors will do an initial fact find with you to determine what you can afford to pay towards your debts each month. If you qualify for an IVA and want to proceed this will usually run over 60 months and at the end any remaining debt will be written off and you walk away debt free.
For example, if you have a debt level of £26,000 but can only afford £117 per month, after 60 contributions of £117 per month, you will only have paid £7,020 towards the debt of £26,000 which you had to start with. This leaves £18,980 of unpaid debt that is then written off, and this will mean 73% of your debt will be written off.
FAQ
This depends on your debt level, type of debts you have and your affordability. We will do an initial assessment on all these areas over the phone and let you know once this is complete.
An IVA is completely tailored around your finances and will create a plan that involves repayments that you can genuinely afford. Once the IVA is agreed, your creditors are no longer allowed to take any further legal or recovery action against you.
If you are a homeowner you may need to release equity in month 54 of the IVA, if this is not possible then your IVA maybe extended from 5 years to 6 years.
Your credit file will be negative impacted for 6 years.
Only unsecured debts can be added to the IVA, and there are certain debts that cannot be included such as child maintenance arrears, Student Loans, and court fines.
You won't be able allowed to apply for more than £500 credit throughout the course of your IVA.
Your IVA is recorded on the public insolvency register.
If you fail to adhere to the terms of the IVA, it may be terminated. If it is terminated, creditors will be free to add interest and charges for the period you were in the IVA.
There are no upfront fees to do an IVA with ourselves, and you will only be asked to make a payment towards your IVA once the IVA is approved. Our fees, which are called a Nominee's fee and Supervisor’s fee, are included in what you pay back over the term of the IVA.
For more information, click here for an explanation of the fees
IMPORTANT INFORMATION
Company Registration Number : 10965466
Data Protection Number : ZA571234
Jonathan Gribble is licenced to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales (ICAEW). IP Number 10252
CONTACT US
Grosvenor House
St Thomas’s Place
Stockport
SK1 3TZ
To find out more about managing your money and to access free advice visit MoneyHelper.org.uk.
If you are based in England & Wales, or Northern Ireland, R3, the Insolvency & Restructuring trade body, has produced a guidance leaflet on dealing with your creditors. If you would like a copy, click here.
If you are based in Scotland, click here for options for dealing with your debts.
* A debt write off amount of between 25% and 75% is realistic, however, the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors. The example provided of 73% has been achieved by 10% of our customers in the last 12 months.
** Any remaining qualifying, unsecured debt included in your IVA will be written off. There are some unsecured debts that will be excluded, such as court fines, child maintenance arrears and Student Loans. As the IVA will only cover qualifying, unsecured debts, you will need to continue making payments to these both during and after the IVA.
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