Pros and Cons of an IVA
July 18, 2022
Considering entering an individual voluntary arrangement? Read on to find out the important IVA pros and cons that could help you make your decision. An
Considering entering an individual voluntary arrangement? Read on to find out the important IVA pros and cons that could help you make your decision. An
We know that finding the right debt management can be stressful and sometimes confusing. That’s why we’re here to help guide you through the process.
Mortgages are one of our biggest monthly expenses and it’s not always easy to keep up with your repayments. As interest rates look set to
If you’re struggling to keep up with your debts but don’t want to fail to pay, an IVA could be the solution. Check out our
Financial difficulty and stress are more common than you might think. It can have a drastic impact on your mental health and wellbeing and lead
Is it just us, or did you finally feel like life was starting to get back to as normal as possible, for it to all
Are you struggling to pay your debts? You might think that you’re managing to stay on top of your repayments. Maybe you cut back on
Not only do the Christmas holidays hit us hard in our bellies and in our livers, but they also hit us hard in our pockets.
No matter your financial situation or difficulties, we can provide you with the right advice and support to help you become debt free.
Alternatively, if you’d like to speak to one of our advisers for expert advice call us.
Lucy Novo Deakin is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions, and as such we will receive payment for the introduction if you enter into a debt solution with one of our partner companies.
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To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free. We will always notify you if a solution you choose has any cost.
**Of 2,381 IVA cases approved between January-December 2023, the average expected write off assuming successful completion is 74%.
A debt write off amount between 25% and 75% is realistic, however, the debt write off amount will differ for each customer upon their individual financial circumstances and is subject to approval of their creditors. Any remaining qualifying unsecured debt in your IVA will be written off, however some unsecured debts will be excluded, such as court fines, child maintenance and student loans, therefore you will need to continue paying these both during and after the IVA.
