Debt Management

• A Debt Management Program is designed to get you out of debt without the need for further borrowing
• This program can stop interest and charges once a payment plan has been agreed with your creditors
• We can advise you and help you on how to write-off part of the debt
• This is known as an informal arrangement and we do all the work for you
• It's suitable for most people whether homeowner or tenant, employed or unemployed

IVA
    

• An Individual Voluntary Arangement has to be proposed by someone called an Insolvency Practitioner (I.P.) who is basically an accountant
• An I V A runs for 5 years
• For clients with unsecured creditor debt of more than £18-20,000 i.e. credit cards, loans, store cards etc
• Also with minimal equity (market value - outstanding mortgage etc) in a property and limited assets
• There is a minimum payment per month based on income and the level of debt
• The payment must be
  affordable for an I V A to be accepted.

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