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  • I Don’t Understand And Don’t Have Time To Research Debt Solutions, Can Someone Talk Me Through?

    YES. Just contact us for a free debt assessment and we would be happy to help you with any queries and explain it to you and how it may be able to help you with your situation.

    We are happy to help with any queries relating to debt or our services.

    Our advisers’ can tell you anything you need to know about these debt solutions.

  • What Is The Maximum Amount Of Debt That Can Be Put In An IVA?

    There is no maximum amount of debt that can be placed in an IVA, people have used Individual voluntary arrangements (IVAs) to clear away debts in excess of £250,000. There is no upper debt limitation, however for an IVA you need at least £5,000 of debt.

    For people with less debt you may wish to consider a DMP (Debt management plan) or other debt solutions, contact us to find out more about these.

  • What Happens If I Have CCJs Can You Still Work With Me?

    Yes. We regularly help people with county court judgements, if you have an outstanding CCJ we can work with you to resolve the matter, simply get in touch with us as normal.

    CCJs are a common issue for people in debt, we can help deal with this for you, get in touch for confidential debt help.

  • Will My Credit Report Be Affected By An IVA Or A DMP?

    Technically yes but only because you would be making reduced payments towards debt at a rate at which you can afford, but if you were not on a DMP or an IVA there would usually be issues making payments towards debts anyway, so usually if anything the credit file in the longer term would benefit due to the debts, being resolved or at least action taken to make contributions towards paying it off.

    It would be misleading to say the IVA or the Debt management plan hurt your credit file.

    However reduced payments will show up on your credit record.

  • Does My Credit Rating Prevent Me From Getting An IVA Or DMP?

    No. The idea with an IVA or a DMP is that you are given a chance to repair your credit rating and become debt free.

    This is done by consolidating your monthly repayments, and reducing (and with an IVA) writing off large portions of your debts.

    For full details get in touch with us this page is for informational purposes.

  • What Is A Credit Report?

    A “Credit report” is a credit reference record of your previous activity during the last 5 years, so items older than five years are naturally removed from your credit report as part of the normal course of proceedings.

    Your credit report (otherwise known as ‘credit file’) is a record and scoring of your financial history during the course of the last 5 years.

  • Can An IVA Stop Creditors Contacting Me Directly?

    YES. On an IVA you have what we can an appointed representative who deals with all communication between you and the people you owe money to so you don’t have to.

    This is fully managed on your behalf. 

    Your creditors are legally obligated to deal with the appointed representative and not yourself.

  • Can An IVA Stop Bailiffs?

    YES. An IVA can stop bailiff visits, calls and general hassle stop, any liaison with the bailiffs once on an IVA is handled by the Appointed Representative, there is no requirement for the person in debt (debtor) to handle contact with the bailiffs.

    The bailiffs are legally bound to deal with the representative and not contact you directly.

  • Is There A Time Limit For Debt Expiration? (How Long Do Debts Last?)

    There is a legal statutory time limit for the expiration of many unsecured debts, that time limit is six years (this does not include secured debt, mortgage debt, any type of tax debt or court costs, costs owed to the crown).

    Debts such as personal loans, credit card debt, catalogue debt, cash advances and other standard forms of debt have a six year time limitation, meaning after six years there can be no further legal pursuit of the debts’ repayment..

  • Do I Need A Job For A DMP Or An IVA?

    Not necessarily but there must be a form of income, this can be benefits, and generally a minimum disposable income of £100 per month.

    This is important because there must be a means of making some type of monthly debt contribution unless you wish to become bankrupt.

  • How Do I Know If I Qualify For Debt Help (IVA OR Debt Management)?

    The best way to find out in this instance is to contact us for a free debt assessment, for an IVA you need a minimum of £5,000 and two creditors, however we still may have a solution for you if your debt level is lower. Contact us for a free assessment.

    Qualification depends on debt level, number of creditors, and current income, however we also have debt solutions for people outside criteria.

  • What happens when you start on an IVA?

    An appointed representative creates a proposal for your new debt repayment plan based on what is affordable, 75% of your creditors must agree (we handle this for you), once this is agreed and signed by court approval it is then legally binding, your creditors cannot contact you directly, you pay a set amount each month (example below):

    Currently paying (before IVA): £850 per month on debts of £16,500

    On an IVA: NEW monthly repayment £180 per month and after a five year period the remainder of the debt is written off

    Personal assets are protected, no need to sell assets to repay your debt like in a bankruptcy arrangement, no bailiffs, no calls, fully managed reduced debt repayment and credit liaison.

    From the minute an IVA is initiated you can start to see the benefits of no more hassle from creditors because of the ‘interim order’ which is a legal injunction put in place to protect you.

  • What Happens When You Start On A Debt Management Plan?

    Your monthly bills are consolidated and you make a commitment to your creditors of a monthly repayment that is affordable.

    You make every effort to keep to the repayment schedule and notify your debt manager if you run into difficulties.

    Your debts are managed by a debt specialist who deals with your creditors on your behalf.

  • What Is The Difference Between A Debt Management Plan (DMP) and An IVA (Individual Voluntary Arrangement)?

    An IVA is a more formal debt solution that is legally binding on all parties (including the creditor(s)), a DMP (Debt management plan) is an informal solution which consolidates monthly repayments but doesn’t legally bind the creditor or the debtor, both are effective solutions but there are certain debts that can only be put in an IVA.

    An IVA has more legal protections and power to protect you from creditor and bailiff hassle and CCJs and a wider range of debt can be included in an IVA.

  • I Can’t Afford My Monthly Repayments & I’m Worried About My Debts, What Can I Do?

    You can contact us for a free debt assessment to see if you are suitable for either an IVA or A DMP (Debt management plan) or bankruptcy, all contact with us is no obligation and we are here to offer free debt advice & help to people in need. There is no fee for our advice.

    If you are struggling with monthly repayments, this is a situation that our debt solutions are designed to help with (for example the IVA and DMP both consolidate monthly bills).

  • Are There Still Debt Solutions If I’m In Less Than £5,000 Of Debt?

    Yes. There are other debt solutions for people with that level of debt, a debt management plan (DMP) may or may not be one of them or there may be other debt solutions more appropriate for you, get in touch with us to find more information about how we may be able to help you. Talk to our advisers’ for free advice on any and all your debt issues.