If you are serious about clearing your credit card and personal loan debts, an Individual Voluntary Arrangement (IVA), could be right for you. An IVA is a simple way of getting rid of personal debt, avoiding bankruptcy and keeping your home.
With an IVA, you could write off 25-70% of your personal debt, depending on what you can afford to pay.
Once an IVA has been agreed with your creditors, you pay a fixed amount each month, usually for 5 years. If you own your own home, you may be required to pay a percentage of the equity into the arrangement.
Unless your finances improve during the life of the IVA, your creditors cannot demand any additional payments. If your IVA payments don't cover the entire amount of your debts, your creditors will usually write off the balance.
At Debt Lifeboat, you'll get free advice from the IVA experts, ongoing help throughout your IVA, and a first class service for fees that are included in each month's IVA payment.
For a free consultation, call 0800 917 3328, or visit www.debtlifeboat.co.uk for more information.
