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March 04, 2025
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 to significant problems in the
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 come crashing back down as
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 a few other payments and
As a student you are well and truly settled into student life and entering your second term at University. Not only keeping up with your studies, but you should also
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. It can be easy to
Unless you’ve been living under a rock, you probably read about the cyber-attack on the Manchester United PLC last year. IT systems across their empire went offline, with workers unable
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.
