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March 04, 2025
With the cost-of-living increasing rents and rising interest rates impacting mortgages, it’s more important than ever that you know your rights and when you might be at risk of eviction
With the month of May highlighting International Worker’s Day, we deep dive into how you can manage debt and take control of your finances while working full-time What is International
With an array of workplace and private pensions, it’s all too easy to lose track and end up with pensions that you’re struggling to trace. Don’t worry; there are several
When all your attention is fixed on managing your money, it’s all too easy to forget about your health. Learn how financial strain and neglecting healthcare needs often correlate and
With Mental Health Awareness Week taking place from 13th – 19th May, learn how debt can impact your mental health and what you can do to support your mind and
As the cost of living continues to increase, childcare fees are at an all-time high, and the housing ladder harder than ever to climb onto, many people are having to
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.
