Bennett Jones offers help with your debts that could write off large loans, credit cards and most other forms of debt. If you are feeling overwhelmed and struggle with monthly payments then please contact us using the form above. Debt relief solutions such as an Individual Voluntary Arrangement (IVA) could be a positive way to write off and manage problem debt.
Immediate help to write off debts
Bennett Jones has many years of experience helping people write off debt and build stronger finances. We could help you write off substantial amounts of your loans, credit cards, catalogues, payday loans and many other debts. Stop creditors harassing you over non-payments of personal, business, or tax debts. We’ve given help to thousands of our customers, you can read about their stories and 5* reviews on Trustpilot.
We will help you get out of debt. Check if you possibly qualify for an Individual Voluntary Arrangement in 60 seconds, by completing the form above. We can do a brief assessment and tell you what documents are required to move forward with your case.
The sooner you start dealing with your debt, the sooner you’ll have it beaten. If you need some help getting started with a plan, or if you’re not sure about your exact circumstances, then please contact Bennett Jones for free, confidential help. You may also have the option of reaching an informal agreement with your creditors. Typically, the earlier you contact us, the better the outcome.
There is no limit to the amount of debt which an IVA can write off. Your creditors will vote on your proposal and if the amount of debt you are proposing to write off appears to them to be unreasonable your creditors are likely to vote to reject your proposal. At Bennett Jones, we are able to provide you with guidance and advice regarding how much you should offer to pay into your IVA for your IVA proposal to be accepted by your creditors. It is important to note that the offer you will be advised to make must always be an offer that is affordable for you after taking into account the amount you need to allocate to pay your day to day living expenses.
To qualify for an IVA you would have to owe at least £5,500 to two or more creditors and you would also typically need to be able to afford to pay at least £70 per month towards repayment of your debts after you have paid your day to day living expenses.
There is no upper limit to the amount you owe to your creditors which would prevent you from proposing an IVA. More often than not an IVA is going to be viewed by your creditors as the best option for them to receive something towards payment of their debts than any other method of repayment even though this is likely to mean that you will end up debt free after only repaying some of the outstanding debts which you owe.
Immediately after your IVA is approved all interest on your unsecured debts and all charges will be frozen. It is important to note that debts such as mortgages or ongoing car finance will not be included in your IVA and you will continue to pay these as normal. After your IVA is approved you may continue to receive correspondence from some of your creditors. All you need to do is to send this to Bennett Jones who will remind those creditors to update their records to show that you are in an IVA and they must only deal with your IVA supervisor from now on. If your IVA is terminated because you don’t keep to the agreed terms then the interest which was frozen is likely to be added back to your debts.
A debt write off strategy
You are not alone, millions of people suffer from debt problems. Bennett Jones has helped thousands solve their debt problems. Many people get into financial difficulty and need debt help at some point in their life, often caused by one event such as divorce or unemployment. But many people reach to breaking point due to years of cumulative spending and debt interest building ever higher. We listen to every client’s story with empathy and understanding. We then offer debt help tailored to your personal circumstances.
An IVA is a legal agreement between you and your creditors. It is established and overseen by a Licensed Insolvency Practitioner, who acts as the mediator between you and your creditors. The exact amount of your monthly payment will depend on your circumstances but can start from as low as £70. If you are a homeowner, once your IVA is approved your home is protected. If you have a private pension this will also be protected.
IVA debt write off
Typically an IVA will last for 5 years with you making an affordable monthly payment from your income into your IVA. Once your IVA has been approved, you don’t need to worry any more about your creditors contacting you. Your insolvency practitioner who supervises your IVA will deal with all your creditors. Once the final IVA payment is made, you are no longer liable for any of the debts included in your IVA and there will be no further balance to pay, even if this means your debts have not been repaid in full.
When you talk to Bennett Jones about an IVA or other debt solutions, we make sure that you are aware of all the possible solutions for your situation. You will be able to make the best choice for your circumstances. If you decide an IVA is right for you, we will support you on your journey to financial health. Bennett Jones is here to help you explore all the options for you to regain control of your finances and become debt-free.