1.
What is the criteria for a DebtClearFuture IVA?
You will have unsecured debts (i.e. Credit cards,
bank loans, etc ) of £11,000 or more.
Your unsecured
debts are owed to at least 3 creditors.
You can make payments of at least £200 per month to repay
your creditors after your living expenses.
You want
to avoid bankruptcy. |
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2.
What creditors can be included in an IVA?
1. Unsecured bank loans
2. VAT
3. Inland Revenue
4. Credit cards
5. loans from friends and family
6. (VAT)Customs and Excise
7. Finance Companies
8. store cards
9. charge cards |
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3.
What creditors are excluded from an IVA?
1. Child support arrears
2. Your Mortgage
3. Secured loan
4. Rental property
5. Hire purchase
6. Leases
7. Fines |
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4. How
long does an IVA last?
Usually 60 months, and then you are debt free. |
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5. Will
I lose my house?
Unlike bankruptcy your house will not be reprocessed. |
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6. I
have been served with a Statutory Demand for bankruptcy
can I enter into an IVA?
Yes. Please contact urgently as action needs to
be taken immediately. |
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7.
What happens if you stop making payments to the
IVA?
The supervisor of the IVA will want to know why
you have stopped making payments and will want them
resumed immediately.
The supervisor of an IVA has the power to initiate bankruptcy proceedings if you default on
your payments without good reason. |
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8. Can
I pay for my IVA using income support?
No. IVAs are not suitable for people living on state
benefits as their main or only source of income. |
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9. How
much can you write off my debt?
Each case is assessed separately and is dependant
on your circumstances but you can expect to write
off between 40 and 75% of your debt. |
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10.
Can you stop bailiffs and the harassing calls?
Yes. Once you have entered the IVA program your
creditors are legally bound by the court order and
will no longer contact you. |
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11. How
long does it take to enter in to an IVA?
It takes up to 2 months for the IVA to be approved. |
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12. What
are your fees?
DebtClearFuture do not charge any upfront fees.
The monthly payments that you make into your IVA
will cover the payments to your creditors as well
as our fees for putting together and supervising
the arrangement. |
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13. How
do I start an IVA - Individual Voluntary Arrangement?
Call FREE Now on 0870 760 5389
Fill in the quick start form by looking here - link |
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14.
Are my conversations and information private?
Everything you discuss with your adviser is kept
in the strictest of confidence. The more open you
are about your circumstances the more we can help
you find the right solution.
We will only contact your creditors with your permission
and you at all times will know before hand what
we intend to discuss with them. |
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