IVA Debt Management

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

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A Debt Management Plan (DMP) is a method used for paying personal unsecured debts. Typically, such debts are out of control - even minimal payments are late and take too large a portion of income, or even exceed it. A DMP usually involves a third party organization that aggregates all or some of the debts, assessing income and budget, and re-negotiating interest rates and payments with the lenders. The negotiated rates and payment plan is based upon the probability of a higher likelihood of collection by the lenders in light of the debtor´s more realistic monthly repayment.

An Involuntary arrangement (IVA) enables you to cut your debts to an affordable level and clear them over a fixed period.

You make one single manageable monthly payment, based on your budget, for 3-5 years. After that the remaining debt is wiped clean, leaving you completely debt-free. This means that an IVA can write off up to 75% of your debts! This all might sound too good to be true, and in many ways it is very good indeed.

However, under the terms of the agreement you undertake to contribute as much as possible within your budget. So in reality, an IVA presents an opportunity for you to pay whatever as you can in a manageable way - a way you can afford.

If you would like to discuss either of the above in more detail please contact us.

The Financial Conduct Authority does not regulate some forms of Buy to Let, Commercial Mortgages or Finance, Secured and Unsecured Loans, Bridging Loans, Wills and Debt Management.

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