Not available in Scotland - please see Trust Deeds

An Individual Voluntary Arrangement - IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled.

Once agreed, creditors are not allowed to add interest or charges to your accounts by law. The agreement is fixed meaning that creditors cannot randomly demand changes to it.

Once a decision has been made that an Individual Voluntary Arrangement (IVA) is right for you, you will be asked questions regarding your current financial situation. Based on the information you have given, a repayment amount will be agreed with you.

Once approved a standard IVA will run for a five year (60 month) period. During this period payments are made on a monthly basis into a fund that the Insolvency Practitioner governs. The funds that accumulate in this account are used to pay off your creditors. During the period of an approved IVA the creditors are required to freeze all interest on the debts, and they are prevented from pursuing the debts and prevented from processing any legal action related to these debts.

At the end of the five year period, assuming that the IVA has been satisfactorily completed, all of the debts are cleared.

• Single monthly affordable payment.
• Fixed repayment period (usually no more than 60 months) with a specific end date.
• Creditors must freeze all further interest and charges.
• Once the final payment is made, the creditors legally write off any outstanding debt.
• Creditors cannot go back on the agreement and demand increased payments.
• Protection from court action by creditors.
• The IVA is discreet and can be used by professionals, forces personnel and police forces without damaging career prospects.
  

• The IVA will be recorded on your credit file. This means that you will not be able to take further unsecured borrowing for the period of the IVA.
• Once the IVA is complete, you can borrow again. However, it may take some time for your credit rating to repair.
• During the course of the IVA, you may have to release available equity from any property that you own to increase the overall settlement offer to your creditors.

Debt consolidation is the process in which debt is restructured into one low affordable amount which you agree to pay. At DebtFC we offer a range of debt consolidation options Scottish protected trust deed, individual voluntary arrangement (I.V.A), remortgage, debt management plan, homeowner loan, sell and rent back or perhaps bankruptcy (sequestration in Scotland) our experienced debt consolidation team, will discuss your options and provide you with free debt help and debt advice on how to deal with your debt problems. We are based in Livingston, West Lothian, Scotland but help people throughout the UK.

If you recognise any of the following symptoms... then you need our debt help!

Credit card debts, missed loan repayments, creditors phoning, debt collectors, bailiffs, County Court judgements, bankruptcy, insolvency, mortgage arrears, repossession, robbing Peter to pay Paul, not opening the mail, afraid to open the door.

Our debt consolidation team will show you the options that you have available to get out of debt with one reduced, affordable monthly payment. For a NO OBLIGATION, FREE CONSULTATION, call or send the contact form for some friendly, free advice.