Call free today
Call free today
March 04, 2025
If you’ve developed a gambling habit or are struggling to control your spending, we’re here to help with our quick guide on how to beat gambling debt How can I
As many of the changes announced in the Spring Budget 2024 are set to come into force in April, we’re taking a look at what it will mean for you
To mark the 10th anniversary of Debt Awareness Week, we explain – and debunk – five of the most common reasons why people don’t seek help for their problem debt
DWP and HMRC arrears are both priority debts that can have serious consequences if left unpaid. Find out the steps you can take to help if you’re struggling to keep
If you’ve seen a financial business or individual say that they’re FCA registered or authorised, it’ll probably help to put your mind at ease. But what does this really mean?
Navigating employment or studying while dealing with debt can be difficult, but there are ways that you can make it more manageable. Read on to find out more. Can being
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.
