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- All interest frozen upon approval of IVA.
- Protect any assets owned subject to lenders approval.
- Affordable payments.
- Manageable budget.
- Fixed period of repayment.
- Protection from lenders.
- Once completed any outstanding debt owed included in IVA written off.
- Expenditure less flexible – strict adherence to guidelines.
- The duration of the product may increase.
- Homeowners effected – Property owners will be required to investigate a re-mortgage.
- Fees to be paid to Insolvency Practitioner.
- Fees to be paid to Insolvency Practitioner.
- Credit rating affected – on credit file for 6 years.
- Some occupations may be affected.
- 75% of the lenders who vote have to agree for a successful IVA.
- Expenditure less flexible – strict adherence to guidelines.
- The duration of the product may increase.
- Homeowners effected – Property owners will be required to investigate a re-mortgage.
- Fees to be paid to Insolvency Practitioner.
- Fees to be paid to Insolvency Practitioner.
- Credit rating affected – on credit file for 6 years.
- Some occupations may be affected.
- 75% of the lenders who vote have to agree for a successful IVA.
IVA
The individual voluntary arrangement is a formal agreement between you and your creditors, allowing you to make affordable payments to your debts over a fixed period (usually over five years) with the remaining debt written off at the end. A solution for people with debts over £5,000. An IVA could help you write-off a proportion of your outstanding debts and pay one affordable monthly payment.
DMP
A debt management plan, helps you manage your debts and repay them at a more affordable rate by making reduced monthly payments. A DMP may be a suitable debt solution if you have money left over each month once you’ve paid your priority bills and costs such as rent or mortgage, food and utility bills. Any money left over will go to your creditors.
To learn more about effectively handling your finances and receiving valuable advice on managing debt, you can visit MoneyHelper. This independent service was established to assist individuals in managing their money better.
Are you concerned about being in debt? The burden of debt can be highly distressing and is a prevalent source of anxiety.
Fortunately, you’re not alone, as LamdUk is here to assist.