Get back into the black

If you are overwhelmed by debt make sure that

you consider every option before bankruptcy

Pros and Cons of an IVA with Payplan

Money is a cruel mistress

An IVA with Payplan may be the best option for you to become debt free in 5 years.

Debt is stressful

You could get peace of mind with an IVA from Payplan to become debt free in 5 years.

Credit card debt can be crippling

It can spiral out of control

You could re-gain control with an IVA from Payplan to become debt free in 5 years.

Take back control

If suitable an IVA from Payplan will enable you to tackle your debt head on.

Individual Voluntary Arrangement

• An IVA is a formal agreement with all your creditors to pay off a percentage of your debts over a fixed period of time, usually 5 years.

• For some it is a viable alternative to bankruptcy.

Who can get an IVA?The main criteria for an

IVA are:• A regular, secure

income• Unsecured debt in

excess of £15,000• 3 lines of debt to 2 or

more creditors

Pros and Cons of an IVAThe advantages of an IVA:•All interest on your unsecured debt will be frozen•As long as you keep to the terms of your arrangement, you will be protected from any further chasing or court action by your creditors•Once the IVA has been successfully completed, your debts are effectively written off•This is an excellent alternative to bankruptcy•All unsecured creditors will be bound by the IVA•Your contributions are based on your ability to pay•Individual Voluntary Arrangements are not published in local newspapers, unlike bankruptcy•It will not affect professions such as the Police Force and Armed Forces, neither will it impact on your ability to hold public office or act as a company director

The disadvantages of an IVA:•You will be required to stick to a budget for the term of the arrangement, usually five years•All assets and liabilities must be declared: if you own assets of excessive value, the creditors can ask that they be released for the benefit of the creditors•You will be asked to release some of the equity from your property towards the last six months of the arrangement•Any windfalls, inheritance or bonuses must be declared to the Supervisor of the arrangement •All Individual Voluntary Arrangements are recorded on a public register and are likely to appear on your credit file

Pay plan would like to thank:•Andres Rueda•Stuartpilbrow•aresauburn•Squeakymarmot•Rhoftonphoto•Showmeone•bark•Myaegean.gr•AF-photography

Call Payplan to take control and work out how you can become debt free