Debts over £15k

For debts of £15,000 and over, we suggest you consider an Individual Voluntary Arrangement (IVA) or if you live in Scotland, a Trust Deed.These are legal processes recently introduced as part of the Insolvency Act to afford individuals struggling with debt the opportunity to make a formal agreement with their creditors in order to clear their debts.

The main objective of an IVA proposal is to negotiate with creditors and demonstrate to them that accepting the proposal would be of greater benefit to both parties than the debtor being made bankrupt. Once the proposal is drafted, a creditors meeting is arranged and if the proposal is accepted by a set majority of creditors, conditions of the IVA then become legally binding on all creditors included in the proposal. Once this has happened, all creditors are legally bound to freeze any further interest and charges accruing on the outstanding debts and to restrain from taking any further actions to collect the debt.

So long as you keep within the terms of the agreement, IVA's offer the following benefits:

Up to 75% of the debt is legally written off.
You're guaranteed to be debt free in 60 months.
All interest and charges are frozen.
Less hassle paying bills as there's just one monthly payment to be made.
No further action (bailiffs, statements, reminders etc.) can be taken by your creditors.
Debtors can offset some of your debt as bad debt relief.
No restrictions on trading and on obtaining credit etc. which apply to bankruptcy

and perhaps most importantly, it removes all of the pressures that personal debt can bring and gives you a fresh financial start at the end of the arrangement.

If you would like further advice on wether an IVA is right for you, enter your details below and we'll contact you. Our resident debt adviser, Wally Stone has over 20 years experience in finding the right debt solution for people in any situation. You can call him on 0845 466 0364 for advice on IVA's or other debt issues.

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Our debt expert, Wally Stone has over 20 years experience in dealing with personal debt.

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Did you know...

According to a recent statement from the Citizens Advice Bureau, it could take 77 years on average for people asking for help with debt to get back into the black.

Britain's personal debt is increasing by £1 million every four minutes.