If you feel like you're drowning in debt and can't keep afloat with monthly bills and expenses, seeking a debt solution should be a priority. Many overindebted individuals in Britain opt for IVA debt assistance for several reasons.
IVA debt assistance is an individual voluntary agreement and refers to a legally binding agreement between an individual and their creditors. The agreement details the particulars of paying back the debt over a set period. An IVA debt agreement is court-approved, holding both individual and creditor to the terms of the contract. When you set IVA debt help in place, creditors cease harassing you for payment and can no longer charge interest on your debt.
While in an IVA debt scenario, you will pay a lump sum to an IVA provider who ensures the creditors are paid. There's no maximum or minimum amount that can be included in an IVA debt setup. You cannot set up an IVA debt management plan for yourself. You must use a qualified insolvency practitioner to set it up for you. IVA debt practitioners charge a fee for their services.
Connect with the Best IVA Debt Advisors - Quick Overview
- Debt Nurse : Overall Best Place for IVA Debt Help and Advice
- Viva Debt Help : Best Place to Get Obligation Free IVA Debt Management Advice to Help Brits Avoid Bankruptcy
- Help My Debts Pro : Best IVA Debt Write Off Advice for Individuals in Debt Between £5000 and £30000+
- 123 Debt Fix : Best Place to Get Advice on a Debt Relief Order vs IVA from FCA Approved Debt Advisors to Help You Find the Right Debt Solution
Top 4 Best IVA Debt Options UK for 2023
Debt Nurse: Overall Best Place for IVA Debt Help and Advice
Debt Nurse connects overindebted Britons with qualified FCA-approved debt solution advisors who can help them make educated decisions regarding IVA debt help. The beauty of using a platform like Debt Nurse is that it cuts through the noise of the debt solution industry. With just one simple online debt assessment form, individuals will be contacted by an accredited and experienced advisor while having complete peace of mind that they’re dealing with reputable professionals in the industry. With an IVA, you can cover debts from £5000 to beyond £30000+. Generally, credit cards, personal loans, store cards, and council tax are covered, but various other debts may be included too.
Highlights of Connecting with Qualified FCA-Approved Advisors for Advice and IVA Debt Help via Debt Nurse
- Reduce or write off debts
- No obligation to accept recommended solutions
- Cover most debts
- Reduce monthly debts for breathing room
- One simple form to complete
Pros of Getting IVA Debt Help via Debt Nurse
- Debt Nurse will connect you with FCA-approved and reputable advisors
- Freeze charges and interest
- Get professional advice to make educated decisions
Cons of Getting IVA Debt Help via Debt Nurse
- IVA debt help incurs a service fee
Viva Debt Help : Best Place to Get Obligation Free IVA Debt Management Advice to Help Brits Avoid Bankruptcy
When it comes to gathering advice on IVAs and other debt solutions, you may be worried about getting trapped in a plan or contract that’s not ideal for you. When using the Viva Debt Help platform, you’ll be connected with FCA-approved debt solution advisors that provide obligation free IVA debt management advice. You can use this advice to avoid bankruptcy or choose to forego it – the choice is yours. Viva Debt Help provides a bridge for overindebted individuals with debts over £5000 to get direct assistance from reputable insolvency advisors. With IVAs being legal and binding agreements set in place by the court, you need to have an insolvency practitioner provide you with professional services. Viva Debt Help can put you in touch with the correct advisors and solution providers to assist you.
Highlights of Obtaining IVA Debt Management Advice
- Available to debts £5000+
- Court sets the agreement in place (legally binding)
- Advice provided by FCA-approved advisors only
- No obligation to accept recommended debt solutions
- Solutions can be recommended for most debts
Pros of IVA Debt Management
- Reduce debts – get breathing room
- Freeze interest and charges
- Stop pesky creditor calls
Cons of IVA Debt Management
- Your credit report will have an IVA record for 6 years
Help My Debts Pro : Best IVA Debt Write Off Advice for Individuals in Debt Between £5000 and £30000+
Help My Debts Pro is a viable platform for overindebted Britons to connect with providers of professional IVA debt write off advice and guidance. The platform deals with all debs starting from £5000 up to £30000+ and beyond. When using Help My Debts Pro, you're assured of being assisted by professional debt advisors. When assisted by the correct advisor, you can expect to freeze costs and interest while knowing that you're only being assisted by advisors with a good reputation and standing in the industry. To be assisted, you must complete a simple debt assessment on the Help My Debts Pro website and wait for a debt advisor to contact you directly.
Highlights of an IVA Debt Write Off
- Write off or reduce debts
- Get back on your financial feet again
- End constant calls, from credits chasing up payments
- Stop charges and interest
- Avoid bankruptcy
Pros of an IVA Debt Write Off for Debts Between £5000 and £30000+
- Minimize pressure from mounting debt
- Start working towards paying debts off in a certain time period
- Tackle all debt types from credit cards to store accounts
Cons of an IVA Debt Write Off for Debts Between £5000 and £30000+
- Not all applicants qualify for IVA debt write off
123 Debt Fix: Best Place to Get Advice on a Debt Relief Order vs IVA from FCA Approved Debt Advisors to Help You Find the Right Debt Solution
When faced with mounting debt and seemingly no way out, one of the most valuable things you can get is professional, straightforward advice. Finding a debt relief solution can be challenging, and overindebted individuals using the 123 Debt Fix website can rest assured that they receive advice by being connected with debt solution advisors that are reputable and FCA-approved. You can indicate your desire to receive advice on a debt relief order vs IVA or any other type of debt solution by completing the online form on the 123 Debt Fix website. When a debt advice professional reaches out to you, they'll be ready to discuss your options for writing off or reducing debts between £5000 and £30000+.
Highlights of Getting Advice on a Debt Relief Order vs IVA from Debt Nurse
- No one-size-fits-all approach – each solution can be tailored
- Get advice on various options
- FCA approved debt advisors
- Straightforward information – no confusion
- Reduce or write off debts from £5000+
Pros of Getting Advice on a Debt Relief Order vs IVA from Debt Nurse
- Simple online form to complete
- An accredited IVA debt advisor will contact you directly
- Get the opportunity to qualify for debt reduction or write off
Cons of Getting Advice on a Debt Relief Order vs IVA from Debt Nurse
- You’ll have to meet eligibility requirements.
What is an IVA Debt Provider and How Did We Choose the Best Providers?
An IVA debt provider is an FCA-approved and qualified IVA debt advisor who can provide you with access to viable solutions for either reducing or writing off debt. To set an IVA in place, you must acquire the services of an insolvency practitioner. When compiling our list of the top five places to get connected with debt solution providers, including IVAs, we looked for platforms offering:
- Simple to understand debt movement IVA advice and guidance
- FCA-approved insolvency practitioner access
- Straightforward advice and guidance that’s obligation free
- Help with reducing or writing off debts over £5000.
Types of Debt Movement IVA Options to Choose From
The type of debt movement IVA recommended for you will depend on your unique financial situation and the type of debt you’re covering. In general, the following types of IVAs exist:
Debt Movement IVA Payment Break
A debt movement IVA payment break is when you don't make regular agreed IVA payments. In such cases, the missed payments will be added to the end of the IVA. The debt can be written off as per the agreement when the amounts are paid off. An IVA payment break option is ideal if you're going through a temporary change in your finances. For instance, you might have lost your job or faced a sudden, unexpected expense that impacts your financial situation.
The 6-Year Payment Period IVA or Debt Management Plan
In some instances, if it doesn’t seem plausible to complete an IVA in the regular 5-year period, the repayments can be spread over 6 years instead. Not everyone qualifies for a 6-year IVA. This is something to be discussed directly with the insolvency practitioner.
Debt Management Plan or IVA
If you cannot afford to make your IVA payments, there is an option to have a debt management plan or IVA that allows contributions. In such instances, a friend or family member usually offers to pay the IVA by means of a "gift" contribution. Some creditors may find it appealing. This could allow you to pay off your IVA early.
Shorter Term IVA Debt Consolidation Plan With Lump Sum
While most IVAs involve a monthly instalment over five years, they can be short-term arrangements if you have a lump sum available to put forward.
What is IVA Debt? Debt Management Plan vs IVA – What Are They and How Do They Work?
An IVA debt plan is an agreement with creditors to ensure you can pay off all or part of your outstanding debts. In this agreement, you must pay monthly amounts to an insolvency practitioner, who divides the money between creditors. The court sets IVA debt plans in place, so they are legally binding agreements.
A debt management plan, on the other hand, is an informal agreement between an overindebted individual and their creditors. This agreement isn't set in place by the court and can be cancelled at any time. It's also not guaranteed that all creditors will accept the arrangement. Can you get a mortgage with a debt management plan, and how is life after the debt management plan completion? Yes, you can get a mortgage with a debt management plan if you approach specialist lenders willing to help people with credit issues. Once the agreed debt management amount is paid off, your debts will be cleared.
What is a Debt Management Plan Pros and Cons, and Features & Factors?
When considering debt management plan pros and cons, features and factors, keep the following in mind:
Some Providers Offer a Debt Movement IVA Portal
Some debt solution providers or insolvency practitioners offer individuals access to their debt movement IVA portal, where they can log in and track the progress of their IVA or debt management plan. This isn’t available with all providers.
Researching IVA Debt Reviews
Carrying out reviews on IVA debt options will safeguard you from dealing with entities that aren’t FCA-approved. Using a platform such as Debt Nurse will ensure you’re dealing with reputable companies.
What’s an IVA Debt Plan? Get Obligation Free Advice on This and More
An IVA debt plan essentially gives you more control over your assets than bankruptcy does. When using a platform such as Debt Nurse, you can obtain obligation free advice from FCA-approved and reputable debt solution providers on IVA debt plans and other solutions that might be viable for you.
Access to Leading Providers of Debt Consolidation IVA Plans
When opting to use platforms such as Debt Nurse, you will complete one simple form to be connected with a leading provider of debt consolidation IVA plans and other debt solutions.
Is a Debt Management Plan an IVA, and What is Covered by an IVA and Debt Management Plan?
A debt management plan and IVA are two different things. An IVA is a legally binding contract set in place by the courts and managed by an insolvency practitioner. In contrast, a debt management plan is an informal debt solution based on an agreement between an individual and a creditor. In most instances, the following debts can be covered by an IVA and debt management plan: mortgage and rent arrears, council tax debt, credit card debt, business debt, logbook debt, income tax debt, gambling debt, utility bill debt, payday loans debt, student loans debt and more. Confirming what can be covered directly with your debt solution provider is best.
Costs of a Debt Help IVA
Regardless of your practitioner, debt help IVA will cost you money. The amount may vary from one debt solution provider to the next. In most instances, the IVA supervisor or practitioner will take 15-18% of the money paid back, but this is not strictly the case. The percentage can vary and should be confirmed with the debt solution provider.
3 Steps to Apply for Debt Management IVA in UK
You can follow these steps to apply for assistance with a debt management IVA in the UK via the Debt Nurse website:
Step 1: Complete the No Obligation Form to Get Advice on the Best IVA Debt Relief Order for You
On the right-hand side of the screen, follow the prompts to input your particulars and details of your outstanding debt.
Step 2: Receive a Call from a Qualified FCA-Approved Debt Advisor Providing Advice on an IVA Debt Management Plan
On submitting the form, your details will be reviewed. The best-suited IVA debt management plan advisor will contact you directly to discuss your options and make recommendations.
Step 3: Find the Best-Suited Solution for Reducing Your Debts
You'll be presented with possible solutions you can choose from; however, you're not obligated to choose any of them if you don't feel they're right for you.
Can I Change from IVA to Debt Management?
Yes, but it can be challenging to do so. An IVA is legally binding, whereas a debt management plan is informal. You can get it right if you convince your insolvency practitioner and creditors that you have good reason to switch. A good reason might be that your financial position has improved, and you can pay more towards your outstanding debts.
What is IVA Debt Meaning?
IVA debt means you've opted for a legally binding agreement to pay off your outstanding debts to creditors in more affordable instalments instead of declaring bankruptcy.
How Much Debt for an IVA?
There is no minimum or maximum amount for an IVA. The platforms we’ve recommended assist individuals in debt of £5000 or more.
How Long Does IVA Debt Last?
Most IVAs run over 5 years but they can be extended to 6 years.
Will IVA Debt Reflect On My Credit Record?
Yes, your IVA debt plan will appear on your credit record for up to 6 years.
If you're ready to find more information on IVA debt, we recommend completing a simple debt assessment via the Debt Nurse website. Find out your options with no obligation – request help from Debt Nurse today.
- Best IVA Debt Advice UK
- Best Debt Management Plans UK
- Best Credit Card Debt Help UK
- Debt Relief Order UK
- Platforms To Connect With Debt Advice
Disclaimer: All debt solutions should be very carefully considered. The websites advertised in this paid promotion do not provide debt advice. If you complete the form and provide permission to be referred, they will pass your details onto a regulated debt advice solution provider. All the partners they use are regulated by the Financial Conduct Authority to provide debt counselling. The websites advertised work exclusively with trusted debt solution providers. If you proceed with one of their solution options, they may receive a fee for introducing you to them. The websites advertised are lead generation companies who pass your details onto third parties in order to help you with your debt solution.
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.