Call free today
Call free today
March 04, 2025
Falling behind on your council tax payments? Find out how you can get your council tax debt written off and whether you’re eligible for help with our guide. What happens
If you’re falling behind with your debt and the stress and worry is getting too much, you might be eligible for the Government’s Breathing Space scheme. Find out more with
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 individual voluntary arrangement – or
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. Read on to find out
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 increase, we’re here to help
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 guide to find out more
Credit Score Pop Up Wording : An Individual Voluntary Arrangement (IVA) is a formal agreement with creditors to repay a portion of your debts over time, but it does have an impact on your credit score and it will be difficult to obtain further credit whilst on an IVA. Once an IVA is approved, it is recorded on your credit report and will typically remain there for six years from the date it starts.
However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will get a fresh start to begin rebuilding your credit rating.
IVA costs are charged for the preparation of your proposal and the administration of the arrangement for the full term (usually 5 years) these costs are charged from the monthly contributions you make into the IVA and are not in addition. Costs will only be recovered on approval of your arrangement and once you commence making payments to it. The fees for preparation of the proposal to creditors and calling the meeting for creditors to vote on its approval are called nominees fees, the fees for running the arrangement once approved are called supervisors fees. There are also some expenses incurred in the running of the arrangement such as the registration fee and the statutory insurance that needs to be taken by law, these are called disbursements. For our arrangements, the total of all of these is £3,650 although this may be adjusted by creditors when they vote on whether to accept. No matter what the end total of costs come to, you can be rest assured that these will be taken from the monthly payment we agree with you.
