It can be extremely overwhelming when your personal debts start getting out of control
Each month you may dread how you’re going to honour upcoming repayments and still make ends meet. Maybe you simply can’t afford to repay them, or you may even be putting yourself into further debt in order to repay your existing loans, this is a downward spiral and we can help you get out of this situation.
We are helping people nationwide arrange affordable repayment solutions that leave you with money to live off after paying your creditors. Please see more information about our services below
Break free from the debt cycle with an Individual Voluntary Arrangement (IVA) from Debt Helpline.
An IVA helps individuals take back control and move on with their lives. Debt Helpline will be with you every step of the way offering guidance and uncritical advice to make the process as hassle-free as possible.
With Umbrella you will get your own personal debt adviser to make sure you are fully supported through every stage of the process.
An Debt Helpline IVA can help you:
- Reduce stress by preventing creditors from legally contacting you.
- Understand different debt solutions available to you.
- Take control of your money again
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- Make sure you have enough to pay bills not included in the IVA, like mortgage, rent and council tax.
Individual Voluntary Arrangement (IVA)
- An IVA is automatically binding on all creditors if more than 75 per cent (by value), of those creditors who decide to vote, agree to your IVA proposal.
- You only make one affordable monthly payment. This covers all of your unsecured debts that are included within your IVA.
- An IVA can help you avoid bankruptcy.
- Once agreed, interest and charges are frozen for all unsecured creditors. So your debts won’t keep piling up.
- Creditors and collection agencies will be blocked from contacting you and causing unnecessary harassment.
- Once the IVA term is over, any unpaid debt will be written off and you will be debt free. IVAs usually expire after 60 months (the term may be extended slightly if you have equity in your home and are unable to obtain a secured loan/remortgage).
- At the end of an IVA your income will be yours again. Your credit rating will also start improving.
- If you are in a sensitive profession then you are less likely to lose your job.
- If you are a homeowner, you will be able to keep your home.
- Take the stress away from dealing with creditors. Don’t be afraid of answering the phone or opening the door.
- You can’t afford your debts.
- The combined total of all your unsecured debts is more than £4,000 (unsecured debts include personal loans, store cards, credit cards, pay-day loans, bank overdrafts, catalogue debts and personal guarantees).
- You have three or more debts owed to at least two creditors.
- You have regular income and can afford to pay at least £70 per month to service your debts.
- You rent a home, are a homeowner or lodge with family.
Servicing existing debt by taking on new lines of credit isn’t a long term solution to managing your debts.
With some credit cards, if you are making the minimum payment to your provider then it could take more than 25 years to pay off your debt.
Get in touch today for a free IVA consultation with one of our experts. Call: 0000 0000 0000, email [email protected] or request a call back.Download PDF of The Insolvency Service ‘In Debt Dealing with your creditors’ Download PDF of the Association of Business Recovery Professionals ‘Is a voluntary Arrangement right for me?’ Download PDF of Voluntary Arrangements – A Creditor’s Guide to Insolvency Practitioners Fees.
If an IVA is not appropriate we will ensure that you receive the best possible advice as to the other options available to you. We refer you to StepChange, a registered debt charity and not for profit organisation, who can advise you about the possible alternatives to an IVA. Visit www.stepchange.org or call free on 0800 138 1111