When you have completed your IVA, you will receive a “Statement of Completion”, normally within three months of the final payment. The Insolvency Service will also receive a copy of this for their records.

An IVA is a legally binding contract between you and your creditors, and to see if you qualify for an IVA, you need to seek expert advice. Call Debts Management on 0800 0481 777 for more information.
Here are the basic IVA criteria as used by Debts Management:
1. Unsecured debt over £15,000.
2. Cannot afford to pay your debt.
3. Can afford to pay a reduced payment to your debt each month.

An IVA normally lasts for 60 months. But there are times when it is possible to complete an IVA in a shorter time, if applicable you should discuss it with your Insolvency Practitioner.

A Debt Management Plan is an informal agreement between you and your unsecured creditors. This type of debt management is designed to reduce your monthly payments to your unsecured creditors which can help you with your debt management skills. Interest or charges on the debt may also be frozen but this cannot be guaranteed.
Whether or not a debt management plan will work for you is dependant on a number of factors. A Debt Management Plan is not suitable for everyone and you may wish to consider other debt solutions, such …

Below are some typical examples of how we have helped our clients deal with their debt. To see if we can help you in the same way, contact us direct on 0800 0481 777.
Debt Management Case Studies
Mr K. Debt    £20,000      Was paying: £650/month
Now paying: £250/month
Mr K. has an income £1180 per month, and was managing payments until he split up from his girlfriend and had to move into new accommodation. This increase in living expenses meant that he has not struggling to payback his debt. He came to Debts …