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IVA DEBT SOLUTIONS BY EXPERTS IN THE UK

TAKE THE FIRST STEP TOWARDS FINANCIAL FREEDOM

May not be suitable in all circumstances. Fees apply, your credit rating may be affected.

WHAT IS AN IVA?

CDM Financial LTD have been helping people all across the UK manage their unaffordable debts.  We understand the financial struggles that people face and are here to help you get back on track. An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your unsecured creditors.  If you are struggling with your unsecured debt, unable to manage both your household bills and your credit commitments, an IVA could be the suitable debt solution for you.

 

An IVA allows you to set up an affordable repayment plan with your unsecured creditors over a set period of time (typically between 5 – 6 years)

 

The information given by CDM Financial is free however if you decide to proceed with an IVA, there are fees applicable.  These fees are included in your in your affordable monthly repayment and not on top of.  An IVA is available to residents of England, Wales and Northern Ireland, Scottish residents can find a similar formal solution in the form of a Trust Deed.

May not be suitable in all circumstances. Fees apply, your credit rating may be affected.

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May not be suitable in all circumstances. Fees apply, your credit rating may be affected.

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WHAT ARE THE BENEFITS AND RISKS?

BENEFITS OF AN IVA

  • 1 affordable monthly payment

  • Remaining debts are written off on completion of the IVA

  • You are legally protected from people you owe money to

  • Interest and Charges are completely frozen

RISKS OF AN IVA

  • If you are a homeowner with equity in your property, you may be required to produce part of your share in the final year of the arrangement. If you are unable to do this, your IVA could be extended for up to 1 more year.

  • If you have a change in circumstances and cannot pay your IVA payments, your IVA could fail. Your IP should try and work with you and people you owe money to to amend the terms of the IVA, but creditors may not accept the amended terms.

  • If your IVA fails you will be liable for the full amount of the remaining debts, minus what you have paid under the IVA.

  • If your IVA fails the people you owe money to may take bankruptcy proceedings against you.

HOW DO YOU KNOW IF YOU ARE ELIGIBLE FOR AN IVA?

YOU MUST BE OVER 18 YEARS OLD

YOU MUST HAVE A MINIMUM OF £6000 IN UNSECURED DEBT

YOU MUST OWE MONEY TO TWO OR MORE CREDITORS

YOU MUST LIVE IN ENGLAND, WALES OR NORTHERN IRELAND

YOU MUST BE ABLE TO AFFORD A MINIMUM OF £100 MONTHLY REPAYMENTS

WHAT CAN AND CANNOT BE INCLUDED?

YOU CAN INCLUDE:

  • Catalogue and store card debts

  • Credit cards

  • Personal loans

  • Overdrafts

  • Gas, electricity, and water bill arrears

  • Council tax arrears

  • HMRC debts

  • Tax credit / benefit overpayments

  • Universal Credit Advances

  • Parking tickets

  • Payday loans

  • Hire Purchase Shortfalls

  • Other unsecured debts

YOU CANNOT INCLUDE:

  • Mortgages

  • Other secured loans

  • Hire purchase agreements

  • Debts incurred through fraud

  • Court fines

  • TV licence arrears

  • Student loans

  • Child support arrears

  • Social fund loans

Speak to local experts in IVA debt solutions today!

May not be suitable in all circumstances. Fees apply, your credit rating may be affected.

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