Advantages of an IVA/ Trust Deed

  • Interest & Charges are frozen on acceptance of the arrangement
  • Contact from the creditors in the arrangement is not allowed
  • An affordable monthly payment is arranged
  • The remaining balance is wiped-off
  • Once accepted, the IVA overrides any legal action a creditor is threatening
  • Assets protected – once approved
  • Can be versatile if your income/ expenditure changes
  • Usually lasts 5 years

Disadvantages of an IVA/ Trust Deed

  • You may be asked to attempt to try to re-mortgage your property- not essential if cannot be done
  • Can fail if consecutive payments are missed
  • If you come into money, you are liable to give some of it up
  • No further credit can be obtained during an IVA without permission from the IP