What is an IVA?
An IVA is a legal contract between you and your creditors. It enables you to cut your debts to an affordable level and clear them over a fixed period.
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With an IVA you agree with your creditors to paying only what you can afford in a single payment each month over the period of five years. Your creditors agree to write off your debt which you're not able to repay and they will leave you alone.
With an IVA, you could:
- Write off the debt you can't afford to repay
- Clear your debts in 5 years (in most cases)
- Reduce your monthly payments
- Protect your home (tenants & homeowners)
- Prevent (further) legal action, including bankruptcy
An IVA ensures that your home is protected, your job is not at risk, and your credit rating is not demolished. You can even take out a fresh mortgage while in an IVA. What’s more, it is a totally private arrangement. Nobody needs to know about it apart from you, your advisors and your creditors.
Online Loanss have been helping customers with debt problems and have a wealth of experience. It doesn't matter what level of debt you have, chances are if you are reading this, we can help. Complete our no obligation enquiry form and Online Loanss IVA Help and Debt Management experts will call you to give advice that's relevant to your needs. If an IVA is not right for you, we can offer other forms of help such as debt management.
