IVA Kent

An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your creditors to repay debts over a fixed period. IVAs are suitable for individuals in the UK with significant debts and a regular income. Monthly payments are structured based on what you can afford, and upon successful completion, remaining debts are typically written off.

Considering an IVA? It’s crucial to understand the implications on credit scores, borrowing, and assets. Seek professional debt advice to determine if an IVA is the right solution for your financial situation. Take the first step towards a debt-free future with tailored support from IVA Kent.

Debt Relief Orders (DROs) provide a way out for individuals in the UK struggling with overwhelming debt and limited assets. A DRO is suitable for those with debts under a certain threshold and minimal income and assets. The application process involves seeking approval from an official receiver, resulting in a 12-month moratorium period where debts are frozen.

While a DRO offers relief from debt, it comes with limitations. During the moratorium, creditors cannot take legal action, but debts remain unpaid. If you meet the eligibility criteria, a DRO can be a fresh start towards financial stability. Seek professional advice to determine if a DRO is the right solution for you.

Debt Management Plans (DMPs) are a practical way to manage debt for individuals in the UK struggling with repayments. A DMP involves consolidating multiple debts into a single monthly payment, negotiated based on what you can afford. While DMPs offer relief by freezing interest and charges, they may take longer to repay debts and can impact credit ratings. Creditors are involved in the process, and payments are distributed accordingly.

Considering a DMP? It’s essential to understand the benefits and drawbacks and seek professional debt advice to explore all options. Remember, a DMP is tailored to your circumstances and focuses on sustainable debt management.