IVA Plymouth
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Get Help with Debt Issues Today
Welcome to IVA Plymouth, where we understand the challenges of managing debt. Our tailored debt solutions, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, are designed to help you achieve long-term financial stability. Take the first step towards a debt-free future by exploring your options with us.
Make one affordable monthly payment to us and we’ll manage the payments to your creditors for you.
We deal with your lenders on your behalf, taking care of all the hassle and paperwork.
Check if you qualify
Advantages of a DMP
Disadvantages of a DMP
Bankruptcy in the UK is a legal process to help individuals deal with unmanageable debt. It is suitable for those who have explored other options but still face overwhelming financial difficulties. The process involves declaring bankruptcy, which involves a court order to deal with debts, and it typically lasts for a year. During this time, your assets may be used to repay creditors, and some debts may be written off. However, bankruptcy can have long-term consequences, impacting your credit score, ability to borrow, and even employment opportunities. It’s essential to seek professional advice, tailored to your situation, to understand if bankruptcy is the right solution for you.
An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors to repay debts over time. It’s suitable for individuals with stable incomes who can make regular payments. An IVA can freeze interest and charges, and after completion, any remaining debts included in the IVA may be written off. However, an IVA can impact your credit rating and borrowing capabilities. Seek professional debt advice to determine if an IVA is the right solution for you.
Debt Relief Orders (DROs) provide a fresh start for individuals with low income and few assets. It’s suitable for those with debts they can’t repay within a reasonable time frame. A DRO freezes debts for 12 months, after which they may be written off. While it’s a quicker and cheaper alternative to bankruptcy, it can also impact your credit rating. Seeking professional advice is essential to determine if a DRO is the best debt solution for you.
A Debt Management Plan (DMP) is a flexible way to repay debts over time. It’s suitable for individuals struggling with multiple debts who can afford to make regular payments. A DMP involves negotiating reduced payments with creditors based on what you can afford. While it can simplify repayments and stop interest and charges, it may take longer to clear debts and could affect your credit rating. Seeking professional debt advice is crucial to explore if a DMP is the right solution for your financial situation.
How does it work?
Let’s say you owe…
| Debt Type | Amount |
|---|---|
| Bank Loan | £5,366.00 |
| Gas Bills | £129.00 |
| Pay Day Loan | £1,989.00 |
| Overdraft | £1,234.68 |
| Debt Collection Agency | £380.16 |
| Short Term Loan | £243.88 |
| Debt Collection Agency | £471.61 |
| Council Debt | £1,009.24 |
| Credit Card | £8,433.00 |
| Total amount owed | £19,256.57 |
After an IVA
65%
debt written off
IVA Payments
£110
per month
Example case completed in 2023. Repayment calculated using income and expenditure data. Monthly payments and write off percentages are based on individual circumstances.
IVA Plymouth offers tailored debt solutions in the UK, including Debt Management Plans, Individual Voluntary Arrangements, and Debt Relief Orders. Get help with debt issues today in Location.