A Brief Guide to IVAs & Protected Trusts Deeds

What is an IVA?

An IVA is a legal process that stops people you owe money to taking action against you, by setting up a payment schedule that you can afford to stick to.

First we help you to work out how much you can afford to repay every month, then you pay your insolvency practitioner the agreed amount and they pay your creditors direct. Then after a fixed period of time - usually 5 years - you have nothing further to pay.

The Benefits in Short

ProtectiveOnce in place interest and charges are stopped.
EffectiveUp to 75% of the money you owe to be written off.
SensibleYou know exactly how much each month you need to pay and exactly for how long.
FinalOnce the fixed term is over, you'll be debt-free.

The Benefits of a Protected Trust Deed (Scottish Residents Only)

A Protected Trust Deed offers the same benefits as an IVA, as it stops all legal proceedings, freezes interest and other charges immediately and allows for monthly payments you can afford to be agreed.

As long as you abide by the terms of the agreement, a Trust Deed will allow your debt issues to be resolved after as little as 3 years (subject to individual circumstances)

For more information about debt solutions, you can access the 'In Debt? Dealing with your Creditors' guide free of charge at http://www.insolvency.gov.uk

All our products are subject to status and terms and conditions will apply. Should you IVA/PTD fail this could lead to Bankruptcy. Your ability to obtain credit will be affected. Please note that FreshStart Financial Management LTD uses the services of our appointed experts for the management of your IVA/PTD. Set Up Fees and Monthly Management Fees Apply. Telephone calls may be recorded for training and quality purposes.

Frequently Asked Questions

QuestionI owe more than £12,000 – can I still get an IVA or Trust Deed?
AnswerYes, IVAs and Trust Deeds are designed to help people with large unsecured debts to sort their problems out.
QuestionWill I have to sell my house if I get an IVA or Trust Deed?
AnswerNo, an IVA’s and trust deeds let you sort out unsecured debts without having to sell your assets. That’s another way in which they’re a better option than Bankruptcy. If you do have any equity in the property you may be required to try and arrange a remortgage in the latter part of the IVA.
QuestionWill I still have to repay all I owe with an IVA or Trust Deed?
AnswerNo, these are designed to allow a reasonable proportion of your debts to be written off, which can be up to 75% depending on your affordability

Call us now on 0800 111 6655 for a discussion in the strictest confidence with one of our friendly, helpful experts - and start getting your debts under control today.

Your credit rating may be affected whenever you do not keep up repayments on a credit agreement, and the details may be recorded on your credit file for 6 years. In the same way, most debt solutions may be recorded on your credit file. Any information which shows that you have not been able to meet the repayments due will can make it harder to obtain credit in the future.

For more information about debt solutions, you can access the 'In Debt? Dealing with your Creditors' guide at www.insolvency.gov.uk