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March 04, 2025
Christmas is a time for celebration, but it can also be costly. If overspending during the holidays is one of your annual traditions, our guide to festive period debt is
Debt Relief Orders Remain at Record Levels Debt Relief Orders (DROs) are a lifeline for many individuals struggling with debt in the UK. In 2024, they have surged to record
The holiday season, a time usually filled with joy and celebration, can bring added stress for those managing debt. For some, the anxiety of potential bailiff visits during this period
While taking steps to manage your debt is a great way to get back on track, your progress could be derailed if you fall into one of these common pitfalls.
With the UK Autumn Budget 2024 due to be published soon, we’re here to help you navigate any potential changes with our quick round-up of all the key predictions. On
If you’re juggling debt as we approach the festive season, our quick guide to making the most of Christmas without breaking the bank is here to help. Make a budget
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.
