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Individual Voluntary Arrangement - Write of bad debt
Sometimes to improve your situation the only solution is to write off unaffordable debts. Using government rules we are able to write off debts which you can no longer afford to pay. To get an agreement to write off debts we need to work with all of your lenders at the same time. This type of solution will mean
- We negotiate a deal with your lenders which gives you a reduced payment
- The deal with your lenders will in some instances allow up to 75 pence in the pound to be written off
- We will freeze any interest on your credit cards and loans
- Our agreement will prevent your creditors from taking any legal action against you.
- You are guaranteed to be debt free in 5 years (as long as you keep up the reduced payments that are agreed).
This type of solution is not right for everyone. To benefit from an IVA you must genuinely have unaffordable debts. When you decide to call us we can confirm if this solution is available to you.
Use our calculator to see if you are paying too much for your debts
Call our IVA debt helpline on
0800 1 77 77 88