Services

How it Works ?

Debt Management

Debt management is a process that involves negotiation with your current creditors to minimize the interest on your debts. By applying for a debt management plan, you simply combine all your payments into one. So instead of paying each of your creditors, you pay only one payment to your debt management company, which in turn pays all your creditors. Thanks to DM plan, your interest charges can be reduced.

By using debt consolidation services, you make your life much easier. You don’t have to contact each of your creditors again. You just deal with one company.

IVA

IVA stands for Individual Voluntary Arrangement. It is a contract between you and your creditors. IVA lets you arrange an agreement with your creditors to reduce payments and avoid bankruptcy. The most common Voluntary Individual Arrangement has 60 monthly payments. At the end of this process, your debts will be cleared and classed as “settled”. IVA can write-off even up to 75% of all your debts.

How it works?

First, we review your situation (with you) to see how much you can afford to replay each month. We’ll do all the paperwork for you and start the negotiation with your creditors. Then we make a proposal to your local county court to obtain an Interim Order. Once issued by the court, an Interim Order will stop all the creditors from taking any action against you. A meeting of your creditors will consider your proposal.  If 75% of your creditors agree with the suggestions, then an IVA is approved. However, if more than 25% of your creditors vote against your deal, IVA will not be arranged.

In some cases, as a part of your Individual Voluntary Arrangement, you may be asked to release the equity you’re your property in order to pay the creditors.

IVA is set up for a fixed period of time – usually 5 years. During this period, your creditors will freeze The IVA runs for a fixed period (usually 60 months) and during this time, your creditors must freeze any interest charges. Your creditors may not go back, change or add any charges on the agreement.

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