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An Individual Voluntary Arrangement (IVA) Could Write Off 100% Of Your Unaffordable Debts

  • One Affordable Payment
  • Freeze Interest & Charges
  • Unaffordable Debts Written Off
  • No Upfront Costs

We help people who are struggling with £6,000 or more debt by consolidating them into one low affordable payment.

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What is your estimated debt level?

Why are we asking this question?

When considering your debt level remember to include the following commonly missed debts: HMRC,Rent arrears, Bailiff inforcements and council Tax.

Are you behind on payments?

Why are we asking this question?

When considering your debt level remember to include the following commonly missed debts: HMRC,Rent arrears, Bailiff inforcements and council Tax.

What is your employment status?

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Where do you live?

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What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement between you and your creditors that allows you to pay one affordable payment to cover all your included debts. IVAs have to be setup and supervised by a Licenced Insolvency Practitioner, and NDH Financial is fully Licenced Insolvency Practice with our own in-house Insolvency Practitioner.

Our IVA assessors will do an initial fact find with you to determine what you can afford to pay towards your debts each month. If you qualify for an IVA and want to proceed this will usually run over 60 months and at the end any remaining debt will be written off and you walk away debt free.

For example, if you have a debt level of £24,000 but can only afford £100 per month, after 60 contributions of £100 per month, you will only have paid £6,000 towards the debt of £24,000 which you had to start with. This leaves £18,000 of unpaid debt that is then written off, and this will mean 75% of your debt will be written off.

FAQ

Will I qualify for an IVA?

This depends on your debt level, type of debts you have and your affordability. We will do an initial assessment on all these areas over the phone and let you know once this is complete.

What are the advantages of an IVA?

An IVA is completely tailored around your finances and will create a plan that involves repayments that you can genuinely afford. Once the IVA is agreed, your creditors are no longer allowed to take any further legal or recovery action against you.

What are the disadvantages of an IVA?

If you are a homeowner you may need to release equity in month 54 of the IVA, if this is not possible then your IVA maybe extended from 5 years to 6 years.

Your credit file will be negative impacted for 6 years.

Only unsecured debts can be added into the IVA.

You won't be able allowed to apply for more than £500 credit throughout the course of your IVA.

Your IVA is recorded on the public insolvency register.

What are the costs?

There are no upfront fees to do an IVA with ourselves, and you will only be asked to make a payment towards your IVA once the IVA is approved. Our fees, which are called a Nominee's fee and Supervisor’s fee, are included in what you pay back over the term of the IVA.

Free and impartial money advice is available from the Money Advice Service, an organisation set up by the Government for people in debt.