One of our friendly advisors will discuss your situation, your income and expenditure to help us find the best solution for you.
We don't judge, we're just here to help.
If you're eligible for an IVA and decide to proceed with our help, we'll contact your creditors to let them know. If you don't qualify for an IVA, we'll explain all of the available solutions to you and help you find what works for you.
We'll deal with your creditors.
Once on an IVA you'll make one affordable payment to us each month and we'll distribute the payment to your creditors.
At the end of your IVA you could write off any outstanding balance.
Debt management plans (DMP) are one of many available debt solutions that offer a flexible way to sort out your finances. They can change when your circumstances do giving you better control, whilst still making positive steps to reduce your debt.
Trust deeds are voluntary agreements available to residents of Scotland. You agree to repay part of what you owe them. A trust deed is similar to an IVA in allowing you to make affordable monthly payments within a formal arrangement.
Individuals with relatively low liabilities, small surplus income and few or no assets and who are possibly not in a position to pay off their debts in a reasonable time may be eligible for a debt relief order.
A debt arrangement scheme (DAS) is a debt management program available to Scottish residents, which allows you to repay your debts over an extended period of time whilst providing you protection from their creditors.
|One affordable monthly payment||You will agree to restrictions on your monthly expenditure to reach this payment|
|A clear timescale for clearing your debts, usually five years||The IVA will be listed on your credit file for six years and will have a negative impact on your credit rating for substantially longer|
|Protect your property from creditor action or forced sale||Homeowners will need to look into releasing equity into the IVA and if not possible, the term may need to be extended by 12 months|
|Freeze all interest and charges on included debts||Only unsecured debts can be included in an IVA|
|Prevent your creditors from contacting you directly or taking legal action against debts||The majority of creditors need to agree to the IVA for it to be accepted. There is no guarantee of this.|
|Write off any debt you can’t afford to repay on completion||If you do not adhere to the conditions, the IVA may fail which could lead to your bankruptcy|