Ten reasons to get an IVA

We’ll always make it affordable to you

Your IVA should be carefully (and comfortably) tailored to fit your circumstances by your insolvency practitioner to allow you financial flexibility. That’s why we ask you about your income and expenditure when we set it up – to make sure it’s a good fit.

But this doesn’t mean you’ll be left with absolutely nothing at the end of the month.

First and foremost, affordability means you have some cash spare from your income. Our experienced advisors will always make sure your IVA is flexible enough to work for you.

Rainy days happen. We understand that when they do, you need some wiggle room in your budget.

It’s cheaper than trying to pay off all your debts.

One of the greatest advantages of an IVA is that a percentage of your total debt gets completely written off. The slate is wiped clean and you can make a fresh start.

How much is written off will vary depending on your personal circumstances.  On average, we write off 70 ­– 75% of a customer’s total debt but it could be more depending on your circumstances.

Think about what 70% of your total debt could amount to. If it’s written off, that’s money you won’t ever have to find in your budget. It represents experiences you won’t have to deny your family.

It means you can rebuild your life sooner.

You won’t pay any fees upfront.

As with any service, there are fees associated with setting up an IVA. But we’ve got it covered in a way that won’t hit you with any extra costs. Because the last thing you need is getting into more debt.

It’s a relief to know, then, that when you take out an IVA, the fees are included in the monthly payments that are proposed to you (which are always designed to be affordable). Plus, they’ll be taken from your creditors, not directly from you.

So that’s one less thing to worry about.

There’s a clear end date in sight.

When you first hear about how long you’ll be in an IVA, you might do a double take. Five to six years sounds like a long time.

But take a moment to consider this: in the UK it takes on average 26 years, 7 months to clear a credit card if you only make minimum payments. All with constant pressure from creditors, and interest mounting up.

Other debt solutions can take even longer. With a debt management plan, for instance, it can typically take from five to ten years or even longer to pay off the full amount of your debt.

But with an IVA, when your agreement comes to an end, that’s that.

We take care of the fiddly bits.

No-one enjoys sifting through stacks of paperwork, juggling creditors and trying to work out what dates they should make their repayments.

That’s why, once we’ve set up your IVA arrangement, we manage the entire process. There’s no need for any difficult conversations with the people you owe money to or trying to work out all the amounts you need to pay to different companies and when.

We do all the hard work. So when we say your IVA’s all sorted, it’s sorted.

Leaving you free to enjoy some much-needed peace of mind.

No more interest. No more charges.

If you try to tackle your debts on your own, you might find it challenging to predict how much you’ll be charged in interest on credit card payments or loans, or where to find room in your budget when you’re hit with unexpected fees.

But when you take out an IVA, all the debts covered by it are frozen. Your creditors can’t pile any more interest on top of the amount you already owe or sneak any more charges past us. And they can’t pester you about your debts, either.

It gives you the chance to enjoy some breathing space. To sleep more soundly at night. And to take a break from worrying about money.

Sometimes, for the chance to move forward, you need your debt to be held back.

That’s what we’re here to do.

Your family can breathe easier, too

When the reality of an IVA kicks in, the problem can feel very real. Very fast.

It’s tempting at this stage to try and find a less formal way of dealing with your debt. Like borrowing from friends or family to keep the wolf from the door.

But while measures like tightening your belt and borrowing more money can be a way out of smaller debts or a quick fix to get you to the next payday, it may not be enough to put paid to a serious debt problem.

With an IVA, instead of finding a way to raise the full amount to sort out your debt, you only have to pay an affordable percentage of it.

The result? A lot less stress for everyone involved.

Your creditors have to leave you alone

Once your IVA is approved, the people you owe money to have to stop contacting you. They’re now included in a legally binding agreement and cannot hassle you about your debts.

So you can breathe a sigh of relief and look forward to life without dreading the mail, the phone, or when someone knocks on the door.

You can sleep more soundly and focus on the fun stuff, knowing we’ve taken care of everything.

There’s only one payment to remember

If your IVA gets the go-ahead, you only have to remember and plan for one payment to go towards all your unsecured debts.

You make this one, affordable payment every month and let the IVA do the rest. This will be distributed among your creditors for you.

And because it’s designed to be affordable to you, you’ll know exactly how much money you have left over for you and your family every month.

Because it’s nice to know where you stand.

It’s a fresh start.

Which brings us to the most compelling reason of all to get an IVA: it’s a chance at a new beginning.

Forget feeling fear every time the doorbell rings, every time a letter hits the doormat, or you see a strange van parked in your street.

Because a life lived in the shadow of constant debt really is no life at all.

There’s always a way out of debt. Sometimes, you just need to find the right path. Call Creditfix now on 0141 218 4739 to speak directly to a member of the caseworker team today.

Deal with your debt today, feel better tomorrow.