Debt.
How Pompom has given others peace of mind
| Debts owed | |
|---|---|
| Loan | £11,467 |
| Catalogue | £332 |
| Credit Cards | £8,086 |
| Overdraft | £2,935 |
| Phones | £766 |
| Total Debt | £23,586 |
Before Pompom
876
per month
After Pompom
137
per month
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Find out if you qualify for help in seconds
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Step 1 Complete the eligibility form
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Step 2 Our friendly advisors will guide you through your options
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Step 3 Get back to what matters
Types of debt we help with
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Loans
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Credit Card
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Store Card
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Payday Loan
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Council Tax
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Overdraft
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Catalogues
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Utility Bills
What is an IVA?
An IVA (or individual voluntary arrangement) is a legal procedure for people in financial difficulties with unsecured debts in England, Wales and Northern Ireland. It is a legal agreement between you and your creditors to only pay what you can actually afford to pay off your debts.
The arrangement will stop any further interest and charges being added to your debts, and normally lasts 60 months (although occasionally 72). You will be legally required to pay the agreed monthly payment, and at the end of five years anything remaining (up to 80%!) will be legally written off.
IVAs are designed to help people who are struggling with debt. They may have fallen behind on the repayments, usually to more than one creditor. This debt solution can allow you to renegotiate the terms of your loans, helping to make paying your debts become more manageable. Whilst your creditors aren’t obliged to agree to an IVA, they will usually consider it if the alternative option is bankruptcy. If you were to declare bankruptcy, they’d receive less of their money back.