IVA and Debt Management to Avoid Bankruptcy
Delta Debt Management & IVA Advice provide solutions such as Individual Voluntary Arrangements (known as IVAs) and Debt Management Plans (known as DMPs) to people in the UK. These are the two main debt solutions for people who are struggling to pay their credit cards, loans and other debts for whatever reason. Debt is a fact of life for so many people in the current climate and if you are reading this page, you are probably well aware of why people are struggling. Whatever your circumstances, we can help, we will assess your current income and outgoings and aim to advise you of a solution that is manageable, without you having to take out a loan or other credit.
Whilst we can’t promise that your debt will be written off, we will work hard to reduce or stop interest and charges on your debt. With an IVA, we may be able to write off a large chunk of your debt, however, in the meantime or as an alternative, we may offer you a Debt Management Plan to make life easier by stopping those phone calls and letters, freeing up money to pay your bills and reducing your stress.
You don’t need to suffer in silence, get help with an IVA or Debt Management Plan today, so you can enjoy tomorrow.
What is an IVA, is it better than bankruptcy?
An IVA or Individual Voluntary Arrangement is a great alternative to bankruptcy. Bankruptcy will write off your debt, however, you will be forced to sell most of your possessions and will probably loose your home. With an IVA, these effects are reduced and you can negotiate through us with your creditors to reduce the impact on you and your family.
With an IVA you will know when your debts will be cleared, this is usually 60 months from the arrangement beginning which is a great advantage over other forms of debt management. IVAs are legally binding contracts, and take longer to get in place than a debt management plan, however, our IVA experts boast the shortest IVA assessment time in the industry. We average six weeks to get to a meeting with all of your creditors to agree an IVA.
Do I qualify for an IVA?
Each case is different, however, if you have more than £10,000 of debt, then an IVA (Individual Voluntary Arrangement) might be the right solution for you. At Delta Debt Management & IVA Advice we provide expert IVA and debt management advice for clients with larger debts. Through our Insolvency Practitioners, The Debt People, we are licensed to arrange an IVA on your behalf. An IVA is a programme that will allow you to substitute your unsecured debts with one affordable, manageable monthly payment for a fixed period, usually 60 months, and at the end of the IVA your remaining debts will be written off.
To speak to one of our IVA experts now in order to find out if you could qualify for an IVA or if you would be better off with a debt management plan, please call now on 0800 988 8199 or ask for a FREE call back by filling in your information on the form on this page.
What is a debt management plan, is it a consolidation loan?
Both IVAs and debt management plans are very different to a consolidation loans. With consolidation loans, you are required to get extra credit, however, we will not get you any further into debt by lending you any more money with either an IVA or Debt Management Plan. We aim to reduce your debt level from the outset by negotiating with your creditors. Debt management works by us collecting all your debts together and managing them for you, taking away your stress. Depending on your circumstances, we will be able to negotiate with your lenders to get interest frozen and charges stopped. This can have a large impact on the amount you need to pay back. Combined with the way your payments are calculated, as part of an IVA or Debt Management Plan, based on what you can afford to pay, not what you owe, this will significantly reduce your monthly outgoings to a level you can afford. Your money management problems could be solved with a solution like a debt management plan. Debt Management Plans can be reassessed if your circumstances change, the amount that you pay can be adjusted throughout the term. We are licensed to give debt help to people who are finding it difficult to manage their debts and are now in need of professional debt advice.
IVA and Debt Management to Avoid Bankruptcy
So how would an IVA help you?
We have a wealth of IVA experience in house, which we can use to negotiate with your lenders and in most cases reduce the amount that you pay back to your IVA by a substantial amount. Instead of lots of payments, you will only make one monthly payment to your IVA and your debt will be cleared at the end of the IVA period. This single payment will be much more easily managed, as it will be based on your current circumstances, not the level of debt you have. With an IVA, we can help you to afford to live again, without constantly thinking about the bank balance.
Do you need IVA advice?
An IVA is a legally binding contract for all parties. All IVAs must be arranged by a qualified and regulated Insolvency Practitioner. You must always seek professional advice if you are in financial difficulty to make sure that you have a thorough understanding of how an IVA works before committing to it. To help you with this, we provide jargon free, clear IVA advice. Our IVA advice is always offered putting your interests first, we are here to help you clear you debts.
Can an IVA help you write off 70% of your debt?
For IVA help, talk to us. IVAs are all too often promoted inaccurately, many companies using statements that would lead you to believe that 70% of your debt can be written off. This is simply a huge exaggeration to get you to call them and get them to set up your IVA. It is true that an IVA can write off fairly large chunks of your debt, however, they have to be worthwhile to the companies who lent you the money in the first place, otherwise they will not agree them. Realistic IVA help is what we’re here for, so if you want to know the real facts regarding IVAs please contact us on 0800 988 8199 or ask for a FREE call back by filling in your information on the form on this page.
Would a Debt Management Plan be better for me?
Under certain circumstances, you may be suitable for a debt management plan instead of an IVA. This is a much less formal agreement to repay your debt than an IVA. Like an IVA, however, you pay a single affordable repayment which is split up and repaid to your creditors in proportion to the amount that you owe to them.
Unlike an IVA, it is not a formal contract and so you are not bound to the payments if your circumstances change. Many creditors may agree to freeze interest and charges on a debt management plan, provided that they are satisfied that the repayment offered is realistic and that you are seen to make regular payments.
Why are we the right choice for IVA advice?
For some people’s debt problems, we may not need to advise an IVA or Debt Management Plan, we may simply advise them on budgeting more effectively, or prioritising debts in a more efficient way. Sometimes we may need to suggest an informal way of repaying debts – like a debt consolidation loan or a debt management plan, whilst in other cases a more formal debt solution may be required – such as an Individual Voluntary Arrangement (IVA), Debt Relief Order (DRO) or even bankruptcy. If you live in Scotland you will not qualify for an IVA, however you may be eligible for a Trust Deed – call us for more details. We will always give you the best IVA advice for your circumstances.
Expert help and advice for people in debt
Nowadays, more and more people are struggling to pay debts that were once easily affordable. The cost of living has increased significantly in the last few years, whilst the cost of debt has not reduced. To make this worse, many people are finding themselves out of work and simply unable to maintain payments on their credit cards and loans.
Thankfully, here at Delta we help 1,000′s of people every year to take control of their finances. Each person we speak to is different, their problems are specific to their circumstances, so we treat everyone who calls in as an individual. From our advice, we may be able to;
1. Simplify your debts into a single monthly payment, based on your income and expenditure
2. Reduce or freeze interest and charges (dependant on creditor negotiation)
3. Deal with letters and phone calls from creditors on your behalf
4. Put you back in control of your finances
5. Give you confidential help & friendly debt advice
As with anything in life, nothing is certain, however, we guarantee to do our absolute best to work on your behalf and get you the best deal going forward. We are members of DEMSA (Debt Managers Standards Association) and follow their strict code of conduct which has been approved by the Office of Fair Trading. This ensures that we will always give you the highest level of service available in the debt management industry.
Important Information About Our Service & Fees
Whilst we strive in all cases to negotiate the best deal with your creditors, we cannot guarantee a reduction in interest or charges. Also as one of the largest providers of debt management solutions in the UK, we are able to provide initial advice over the phone without charge, however, if a debt solution is taken out, please be aware that fees will be charged. We aim to keep these fees as low as possible and believe that we are very competitively priced, for detailed information on our fees, including examples for each product, please click this fees link.
Further Additional Information
What if you decide that I don't want to go ahead? - click here.
Will your credit rating be affected? - click here.
The insolvency service has produced a guide for people who are struggling with debt. This guide outlines each of the available solutions. You can download the guide by clicking the following link - In Debt? Dealing With Your Creditors.
If an IVA is not maintained it could lead to bankruptcy.