May not be suitable in all circumstances. Fees apply. Your credit rating may be affected. Free debt advice also available from moneyhelper.org.uk
Creating a stable financial environment for your family is easier than you think
Just answer a few questions and help us understand how we can help you deal with what you owe.
An experienced advisor will call your directly to find a little more about you and your circumstances
We’ll discuss the options for you, based on what you can afford, and allow you to decide the best plan for you
Living with debt can be all consuming. It can be hard to know where to turn for support – especially when trying take care of your family.
The good news is there’s confidential help available that could allow you to live a life without the worry of bailiffs knocking on the doors.
We’ve helped thousands of mums, and people across the UK, write off unaffordable debt they can’t afford and enjoy a life free of pressure and hassle from the people they owe money to
An Individual Voluntary Arrangement (IVA) is a formal debt solution that creates a legally binding agreement between you and the people you owe money to. You may decide to enter an IVA if you’re struggling to repay the total amount of unsecured debt you currently have but can repay some.
Yes, an IVA will have an impact on your credit rating as it will show on your credit report for six years after it has been approved. However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will be offered a fresh start to begin rebuilding your credit rating.
In most cases entering an IVA won’t affect employment. However, in certain professions, such as accountants and solicitors, having an IVA may mean that you can no longer practice or you may only be able to practice under certain conditions.
Once you enter an IVA, creditors can take no further action against you and can’t contact you directly.
An IVA can be a positive way to manage unaffordable unsecured debt and allow you to better manage your monthly finances.
In an IVA a single monthly payment is agreed with your current financial situationtaken into consideration – this payment is then divided between the people you owe money to. During the course of your plan all interest and fees associated with your debts are frozen.
At the end of the IVA the remaining debts are written off and you can begin your debt-free future.
When you’re considering entering an IVA, it’s important to be aware of the following:
Mums Out of Debt is a trading name of Lawson Fox Debt Solutions Limited. Authorised and regulated by the Financial Conduct Authority (660857). Registered in England and Wales Company Number umber 7319288. Located at Lawson Fox, 3rd Floor, Falcon Mill, Handel Street, Bolton, BL1 8BL. Free debt advice is available to all.