Debt forgiven with an IVA

Since we went online we’ve managed to arrange IVAs for people who owed a total of £2,773,000 and we’ve reduced their total debts to £1,007,000.

That means, on average, our clients only have to pay 36% of their total debts over the period of their IVA. ClearDebt is really proud of this result.

We are also confident our systems ensure these payments are affordable and realistic. That’s good news for those who owe money of course, but it’s also excellent news for the creditors who have agreed to these IVAs – our data shows that, in many cases, they would have got nothing at all if the debtor had gone bankrupt instead.

If you are looking into debt management or an IVA – make sure you are confident you can afford the payments: IVAs should be a solution – not a step on the road to bankruptcy. We are finding that most creditors realise this too and are prepared to agree realistic payments – ClearDebt’s very low fees seem to be helping here.

By the way – check very carefully before believing an IVA supplier who tells you their service is free: we haven’t come across one. It is just that, as with ClearDebt, the fees and costs are factored into your monthly payments. Of course, the higher the fees, the less there is for the people you owe – and the less likely they will vote for an IVA.

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