Below we have outlined the most common questions asked about debt. Please click on a question to get the relevant answer.
Is my credit rating going to be affected? I am being threatened with court action, what can I do? Can I go to prison for debt? Will I lose my house? What is consolidating debt? What is an IVA? What are debt management services? What is bankruptcy and when should I declare it? Will I be able to get a mortgage or credit in the future?
An Individual voluntary agreement, IVA, is legally binding plan of repayment between you and your creditors and is used by many people to get out of debt. It is a document in which you offer a repayment schedule and if your creditors, who represent 75% or more of your debt, approve then it becomes legally binding on all of them.
The agreement is usually a last resort and lasts for five years after which all debts are to be considered settled.
Only Finance Ltd is authorised and regulated by the Financial Services Authority, FSA registration number: 466941. Our registered offices are 1 Kings Avenue, Winchmore Hill, London N21 3NA, company number: 05640662. Telephone 0207 377 1805.