It is essential as previously mentioned that you receive correct Debt Advice, and now we can start working with your creditors.

Explaining your current financial position in precise detail to your creditors is essential. Letting them know if other Creditors that you have have, have accepted any offers of payment that you may have made.

Giving your creditors a breakdown of Debts and income and expenditure is important.

The information concerning your Debts and also income and expenditure is paramount to your case and it is very important that everything is listed.
It would be a great help if you could have all this information available when you contact us.

Individual Voluntary Arrangement (IVA)
This would be explained to you by a licensed insolvency practitioner, and could be a suitable alternative for those with debts in excess of £18,000, which incorporates several creditors. It will be explained to you how you can become debt free in five years or less. An IVA is a legally binding agreement between you and your creditors. When it is completed successfully the remaining balance of your debts will be written off leaving you to start afresh.

What are the advantages of an IVA?

Up to 75% of your debts may be written off
One-off lump sum payment or single affordable monthly payment
Creditors must freeze all further interest and charges
Legally binding agreement. Once agreed creditors must stick to it
Current CCJs overturned – Future CCJs blocked
Protection from court action by creditors
Private and discreet procedure
An IVA is a serious matter so please bear in mind:

You will not be able to take out further unsecured borrowing for the period of the IVA although it is possible to take out a mortgage