“I was struggling to pay off £53,000 in credit cards and bank loans. I realised i couldnt cope and needed help, I didn't know where to turn. I
didn't want another loan - that's what got me in this mess in the first
place. Barrister Lloyd were great in helping me get back in control of my finances, Im
now paying alot less every month and will be debt free in 5 years.”
Miss Houghton, Hull
“Barrister Lloyd reduced my monthly payments by over £500 a month, there's now more
money left to spend on myself and my family, we can enjoy life again”
Since 1986 it has been possible to make a
legally binding agreement with your creditors to pay a percentage
of your debt back and in return for entering into this agreement
your creditors will agree to write off the remaining balance
of the debt.
An IVA is legal process
for those with unaffordable unsecured debts over £12,000
and 2 or more creditors. It is a formal
agreement between
you and your creditors whereby you repay what you can afford,
usually over 60 months. After which, the outstanding debt
is written off. An IVA achieves all the following:
Reduces debt by up to
75%
You only repay what
is affordable after taking into account your personal
circumstances.
Reduces repayment period.
In 60 months you will be debt free, the rest
is written off.
This is dependant on approval of 75% (by value of the
debt) of your creditors, and provided you maintain the
payment schedule.
Stops interest and charges.
Your debts will not increase and interest
will be frozen.
Stops harassment.
Stops creditors and debt collectors from
chasing you.
Stops court action.
Can stop bankruptcy proceedings and bailiffs.
Cancel out any existing CCJ's.
Stop demand letters
and phone calls from irate creditors.
Give you the complete peace of mind to a
fresh financial start.
There is not the stigma or publicity that
normally accompanies bankruptcy.
A debtor can continue to trade in a business
to generate income
Administration costs are normally lower
than bankruptcy, enabling higher payments for creditors.
An IVA is a no Fees Solution.
There are costs involved
in setting up and IVA, however, fees are deducted from the
money paid to your creditors. Fees are not added to your payments.
I want to do an IVA - What next ?
Submit the Instant Advice form. We will need
to ask you about your financial circumstances.
We will prepare all the paper
work.
You will need to instruct us to act on your
behalf.
Once instructed, we will contact all your
creditors.
We will request creditors suspend any action
and freeze interest.
We will draft your offer based on the information
you have provided.
When you are happy with the proposal, sign
and return it to us.
We will then carry out the administration
process on your behalf.
You do not have to attend the court or be
involved in meetings or negotiations with creditors.
For those that qualify, an IVA can be the best
way to sort out serious debt problems.
