Debt Consolidation Loans

IVA (Individual Voluntary Arrangements)

The main advantages of an IVA are:

• At the end of the agreed IVA term you will be free of unsecured debt, whether or not you have paid your creditors in full (the effect on your credit rating will last for 6 years).
• You only pay what you can afford over a fixed period of time, usually an IVA term is five years.
• Interest on your debts will cease to accrue as creditors are required to prove their claims for an amount.
• People often think an IVA is like going bankrupt - it isn't the same. However if the IVA fails this could lead to bankruptcy.
• An IVA is not advertised in the regular press and your employers will not be told. Details are published on the Insolvency Service register.
• The IVA is binding. In other words, once it is set up, creditors cannot change their minds.
• Creditors must deal directly with your insolvency practitioner rather than with you, so any threatening letters or telephone calls you may have been receiving will stop.
• Your home may also be protected in an IVA. In certain instances you may however be required to re-mortgage your property after 4 years in order to release any equity to pay off some or all of your debt.

Debt Management

Debt Management is just that. We manage your debts on your behalf. By finding out how much you can realistically afford to pay creditors, we negotiate on your behalf to have payments reduced to a more affordable level.

This may be the solution if you:

• Are struggling with your debts
• Have unsecured debts over £2,500 (including personal loans, excluding debts to your family/friends)
• Have two or more separate creditors
• Have credit card, store card or catalogue debt
• Have a bank overdraft
• Have default notices or CCJ's

What does debt management mean for me?

• You won't have to borrow more money – we work with the income and debts you have to provide an affordable debt management solution that is unique to you
• You'll be able to maintain a reasonable standard of living and repay your debts
• We deal with your creditors directly on your behalf
• You make one affordable monthly payment to Immediate Financial and we do the rest
• We aim to have your interest and charges frozen