If you have been Refused a Loan and you are struggling with your unsecured debt, then you might want to consider an IVA. An IVA is Government legislation which allows you to make a reduced monthly payment to your creditors, then any unaffordable debt is written off.
An IVA is a legally binding contract between you and your creditors, so you must seek expert advice, contact us today on 0800 048 1769.
You are employed. An IVA requires you to make monthly payments to your creditor, which means that you need to be employed. If you fail to miss your IVA payments then bankruptcy proceedings may start against you.
Unsecured debts of over £15,000. Unsecured debts include credit and store cards, catalogue debts and overdrafts. It is important to get up-to-date statements from your creditors so you can see how much you owe.
You cannot afford your debts. Being insolvent means that you cannot afford to make monthly payments to your debts. If you are struggling it is important that you get expert advice.
You are a resident in England, Wales or Northern Ireland. An IVA is only available by law in these places. If you are a Scottish resident then your alternative is called a Trust Deed.