<p> </p>
<h2>Will I be credit checked?</h2>
<p>No, we analyse the information you submit to establish what products you are likely to qualify for and which options are likely to suit your circumstances best.</p>
<p> </p>
<h2>Will my details be safe?</h2>
<p>Yes. We are registered and comply with the Data Protection Act (1998). Your personal information is safe. We won’t misuse them or send you spam. Ever.</p>
<p> </p>
<h2>What’s an IVA?</h2>
<p>An IVA (Individual Voluntary Arrangement) is a legally-binding agreement between you and your creditors whereby you agree what proportion of your debt you can afford to repay and the schedule over which you will repay it. You make a single monthly payment to your IVA Supervisor who then distributes this payment fairly between each of your creditors. If you have any assets such as equity in your property etc. you may have to make some of this available to creditors as well. IVAs are only available to residents of England and Wales who owe over £15,000 to 3 or more unsecured creditors. If you are already subject to a Bankruptcy Order you may still apply. If the arrangement is approved, your Bankruptcy is annulled.</p>
<p><strong>Key benefits</strong></p>
<ul style="margin-left:20px">
<li>A legally binding agreement which permits you to write off the unaffordable part of your debt.</li>
<li>Make a single, affordable payment each month, which will be distributed fairly to your creditors.</li>
<li>Freeze the interest and charges on your debt.</li>
<li>Stop demands from your creditors and cease any legal action they may have commenced. The debt management company will handle all communication with your creditors on your behalf.</li>
<li>Avoid the stigma of bankruptcy.</li>
<li>Be completely debt free after 60 months.</li>
</ul>
<p> </p>
<p> </p>
<h2>What’s a debt management plan?</h2>
<p>A debt management plan is an informal agreement between you and your creditors, administered by a debt management company on your behalf. It provides a structured repayment schedule for your unsecured debts – the amount that you repay each month is based entirely on what you can afford. It is paid by you to the debt management company and then divided fairly between your creditors. This not only means that creditors will stop contacting you, but that interest and charges on your debts may be frozen so that any money that is repaid goes directly towards paying off your debts rather than to the lender.</p>
<p><strong>Key benefits</strong></p>
<ul style="margin-left:20px">
<li>Repay only what you can afford each month.</li>
<li>Reduce your monthly repayments by up to 50%.</li>
<li>Make a single, affordable payment each month, which will be distributed fairly to your creditors.</li>
<li>Stop demands from your creditors. The debt management company will handle all communication with your creditors on your behalf.</li>
</ul>
<p> </p>
<p> </p>
<h2>What’s a debt management company?</h2>
<p>A debt management company is will charge a fee to help people out of unaffordable debt by negotiating lower monthly repayments to creditors. They offer options such as debt management plans and IVAs.</p>
<p> </p>
<h2>What fees do they charge?</h2>
<p>Fees will vary from one debt management company to the next. It is commonplace for the debt management company to take two monthly contributions as a fee for organising and administering a debt management plan, and 4 monthly contributions for putting in place and administering an IVA.</p>
<p> </p>
<h2>Can I really reduce the amount I owe?</h2>
<p>You can, although there is no guarantee you will be able to do so. The amount of your debt you can write off will depend on your monthly income and outgoings. An IVA will allow you to write off the unaffordable part of your debt. Exactly what is defined as unaffordable will become clear when the debt management company run through a full income and expenditure check. They will estimate what proportion of your debt you can afford to pay back and, provided at least 75% of your creditors approve it, that will be the proportion you are legally obliged to repay.</p>