If you are struggling with debt repayments, and can prove that your monthly costs and debts are more than your monthly income, there is government legislation available which could help you to write off part of your debts called an Individual Voluntary Arrangement (IVA).
An IVA is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner (IP), who will divide this money between your creditors.
Details of IVAs are available at GOV.UK
To find out if you are likely to need an IVA,, follow this link.
To find out whether you qualify for an IVA, follow this link and fill out the form. This will allow National Debt Relief (NDR) to identify the best debt help for you.
More information on IVAs is available at the following links:
Details of IVAs are kept in a public register called the Individual Insolvency Register. Details of your IVA will stay on the register for the length of the IVA. They will be removed three months after the IVA has ended. When you apply for credit, the creditor may check this register.
Details of the IVA will also be kept on your credit reference file by credit reference agencies. Creditors will check your credit rating on your credit reference file before agreeing to lend to you.
For a step by step guide of how to clean up your credit file after an IVA follow this link.
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