Where an individual is looking for IVA advice, X debt will provide impartial and strictly confidential advice free of charge. Once you have received our recomendation there is no obligation to proceed to an IVA although we advise to take action as soon as possible to ensure your debts do not worsen.
Please feel free to contact us to arrange an initial consultation on your debt problems and we will endeavor to provide the best IVA advice possible.
You may wish to try our IVA calculator which will give an indication of which debt solution is most appropriate for your circumstances.
An IVA can only be arranged and supervised by a Licensed Insolvency Practitioner (IP) who is licensed and regulated by their governing body. Therefore IVA advice should be sought from an IP as they are best placed and experienced in regulations governing an IVA. In the case of X debt, our IP is licensed by the Insolvency Practitioners Association (IPA) and is duty bound to offer best advice.
An IVA is generally suited to individuals who owe in excess of £12,000 of unsecured debt and earn a salary and / or have surplus monthly household income to make contributions towards your IVA. However, depending on your individual circumstances, in some cases an IVA may be recommended with unsecured debt levels as low as £7,000.
Unsecured debts which could be included in an IVA are credit card debts, unsecured loan debts, loans from family members, store card debts, catalogues. Indeed any other debts that have no security such as a house or car should generally be included in an IVA. If you are unsure as to whether a particular kind of debt can be included in your IVA then you should speak to an IP for IVA advice as soon as possible.
Many individuals find themselves with severe debt problems due to living beyond their means due to the credit and credit card culture during times of easy credit. A loan or credit card would be taken out with a balance which would be used up quickly. As credit was particularly easy to come by a new credit card would be applied for, probably with a 0% balance transfer rate and the balance from the original card transferred to it. Rather than canceling the original credit card the balance would then be freed up and the individual free to spend once more. Again, the credit balance would quickly be used up and a further card applied for. This would be an ongoing chain of events and before too long a number of credit card balances would be taken to the limit increasing the indebtedness of the individual excessively. Eventually there would come a time where new credit applications would be declined and increased interest rates would kick in following an introductory period. This increase in interest rates on a number of credit cards would make meeting monthly payments, including mortgage or rent payments, unmanageable. If this situation is reminiscent of your own then IVA and general debt advice should be sought as soon as possible.
The situation in an economic climate of austerity would simply exacerbate the problem. With reducing residual income due to rising interest charges added to inflation and the increasing cost of food, petrol and other day to day necessities, meeting payments would be almost impossible. For many people this would be made even worse where an employer is suffering and reduces hours or works, cuts overtime or makes an individual redundant. It is possible at this stage that creditors could apply for your bankruptcy but an IVA is a viable alternative. However, it is extremely important that action is taken as soon as possible. Speak to an IP and get some IVA advice as soon as possible.
Please contact us for free IVA advice or try our IVA calculator to see whether an IVA is appropriate. Where an IVA or other debt solution is arranged through X-debt, fees will become due to cover costs for setting up the arrangement, maintenance and supervision of your IVA. However, fees due to X debt will not increase your indebtedness. All fees will be taken from your monthly contributions to creditors the amount of which is based on what you can reasonably afford to pay.