Solution Remortgages - The pros and cons of an IVA.

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Hotspot Marketing Ltd work together with a number of mortgage brokers including Solution Mortgages Ltd, who are authorised and regulated by the FSA. Although Hotspot Marketing Ltd does not charge you a fee, Solution Mortgages Ltd may charge a fee upon completion. You will be advised of this fee, together with a personalised illustration of their recommendations, once they have reviewed your enquiry and spoken to you. By submitting the above information you are confirming that you wish to be contacted by an advisor from Solution Mortgages Ltd.
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The pros and cons of an IVA

An IVA is a legal procedure, and the decision to enter into one should not be taken lightly. Here, at Solution Remortgages, we believe in advising our clients on the pros & cons of your IVA, so you are best able to understand our advice and make your own mind up about what is best for you.

	What is an IVA?
	Is an IVA right for me?
	The pros and cons of an IVA
	The IVA process
	IVA or Bankruptcy
	What is Bankruptcy?

Please talk to our expert IVA Advisors on 0800 520 0315 quoting ref 1533, who will give you free advice. Alternatively please fill in our Quick Enquiry form and we will call you back.

Advantages of an IVA:

An IVA can write off unsecured debts that you cannot afford.
Interest or charges stopped.
A single low affordable monthly payment is agreed.
By reducing your monthly outgoings any pressure that you are under from your secured creditors may be alleviated.
After 60 months you will be debt free.
You will not have to sell any major assets.
There is less of a stigma attached, in comparison to bankruptcy.
An IVA is a legal private agreement between you and your creditors and, unlike bankruptcy, your details will NOT be published in your local newspaper.
An IVA should not hinder your future career prospects.
An IVA is legally binding, so your creditors cannot pursue you once the IVA has been accepted.
You can still keep your current account (although not an overdraft facility), and have a better chance of getting credit once the IVA is over.

Disadvantages of an IVA:

An IVA is a complicated legal procedure.
You must have unsecured debts greater than £15,000.
At least 75% of your creditors who vote, must agree to the IVA proposal,
An IVA lasts for 5 years.
You must make your monthly payments or your creditors could take further action against you.
You may be asked to re-mortgage your home to release a proportion of your equity.
You will not be able to take out further credit whilst you are in an IVA without the permission of your Insolvency Practitioner.
An IVA will affect your credit rating, for up to 6 years, although if you successfully complete your IVA then this will look more favourably on your record.

If you want to hear more about how an IVA can work for you, or whether you would be suitable for an IVA, simply call our expert advisors on 0800 520 0315 quote ref 1533, or fill in the Mortgage Wizard to see what other solutions are available to you.

'Solution Remortgages' and 'solutionremortgages.co.uk' are trading styles of Hotspot Marketing Ltd. All information submitted to Hotspot Marketing Ltd is handled and maintained in full compliance of the Data Protection Act 1998. Hotspot Marketing Ltd works closely with a number of Lenders, Brokers (including; Solution Mortgages Ltd), Debt Management Companies, IVA Insolvency Practitioners and Debt Advice Centres. Privacy Policy.

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