Debt Management / IVA

Debt Management plans allow you to make the repayments you can realistically afford once essential living costs have been taken into account. The client makes one monthly payment to TCF Debt Solutions which is distributed to all creditors involved. We will work with creditors to attempt to freeze all interest and charges although this cannot be guaranteed. Typically the new payment amount under a debt management plan is half the amount you are currently paying, but will depend on individual circumstances.

• Ideally suited for debts between £3,000 - £15,000
• Allows reduced, realistic payments to be made over a number of years
• Allows you to regain control of your finances

An IVA is in effect an agreement between an individual and their creditors in full satisfaction of all debts and is an alternative to being forced into bankruptcy. An IVA proposal is prepared with the assistance of a Licensed Insolvency Practitioner, who will suggest what contributions can be based on the individual's ability to pay. Creditors can then either accept or reject the proposal and if the required majority of creditors accept the proposal, the proposal is binding on all creditors even if they voted against it.

• Ideally suited for unsecured debts over £15,000
• Potentially write off a percentage of the overall debts
• Debt free within 6 - 60 months (debtor's credit record will be affected for up to 6 years)
• Safeguards house & car and avoids the consequences of bankruptcy