If you are buried in debt and struggling to keep up with your repayments, an IVA could be an option to write off a substantial portion of your debt.
If you are living in rented accommodation your IVA will typically last for 5 years. If you are a home owner and there is some ‘equity’ in your house i.e. if the house was sold today there is likely to be a surplus remaining for you after the repayment of the mortgage and costs of sale then your creditors will expect you to try and realise some of this equity in addition to paying income contributions. If it is too expensive or not possible for you to obtain a remortgage to realise equity you will expect to pay 12 additional income contributions meaning that you will pay 72 contributions in total. Use the calculator below to see how your IVA contributions will be used to pay something to your creditors after the costs of the IVA have been paid. It is important to remember that although your creditors may only receive a small amount of the debt which you owe to them you will nevertheless be completely debt-free at the end of your IVA.
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Why choose Bennett Jones for an IVA?
Bennett Jones has helped thousands of people solve their debt problems. We understand how stressful and difficult life is when you can’t pay your debts and your bills.
You can trust Bennett Jones to help you if you are struggling to pay your debts. We specialise in Individual Voluntary Arrangements – a legal solution that allows for unaffordable debts to be written off. With an IVA from our team, you will make affordable repayments to your creditors over a fixed period, with the remaining debt written off at the end.
An Individual Voluntary Arrangement (IVA) is not suitable for everyone who needs help with their debts. If an IVA is not right for you we will give you free no obligation help so you can decide on the solution you need.
The debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors. The example provided of 80% has been achieved by 10% of our customers in the last 12 months