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What are the alternatives to an IVA

If you are a homeowner, there is another way to avoid the high costs, both personal and financial, of either bankruptcy or an IVA.

An IVA typically runs over at least five years, which can seem a very long time and be a challenge to stick with.

If there is sufficient equity in your home, you can avoid taking either route to a clean financial sheet. Within a matter of weeks rather than years – don’t forget that your credit rating will not be repaired for a further five years after discharge if you opt for bankruptcy and 6 years with an IVA - you can have turned the page, get out of debt and have your credit rating restored.

By re-mortgaging, you will not only repay your debts but you will also secure your home and avoid any fees and costs associated with entering into an IVA.

Even if you have already started IVA proceedings, you can still change course.

This route works by re-mortgaging your home, borrowing against the equity in it, to fund not only repayment of your debts but payment of all costs and fees involved.

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