IVA Pros & Cons 

If you think that you might qualify for an IVA, then it is advised that you are aware of all the advantages and disadvantages of this agreement. For more information please get in touch with Refused A Loan who can offer you free advice and information, 0808 131 9104. 

IVA Pros

• Unaffordable debt will be written off.
• 1 monthly payment.
• Legally binding agreement, so creditors cannot change their mind once the IVA has been accepted.
• Interest and charges are frozen.
• Reduced payment which is based on your disposable income.
• No need to make multiple payments to multiple creditors.
• Private agreement, so it won't be published in your local paper and it should not hinder your future career prospects or current job.

IVA Cons 

• Your creditors must agree to the IVA before it can be accepted.
• The IVA will appear on your credit file.
• Failure to keep to your repayments mean that creditors may start Bankruptcy proceedings against you.
• You may have to release some equity in your home.

RefusedALoan.co.uk is a trading name of Ask Finance Ltd, which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.