Mojo Finance Limited © 2008 All Rights Reserved. Mojo Finance Limited is a registered company in England and Wales. Company number 6563467. Registered office 26 York Street, London, W1U 6PZ.
Mojo Finance are licenced credit brokers and debt councellors, consumer credit licence number 617586. Telephone calls may be monitored or recorded for quality and training purposes.

IVA's

An IVA is an option available for people with unsecured debts of over £15,000 that are struggling to afford the repayments.

How will an IVA help me?

Can reduce your debt by up to 75%.

An IVA can often write off up to 75% of you debt. This means you only make affordable repayments according to your personal circumstances.

Be debt free in 60 months.

You can reduce your repayment period to 60 months meaning after the 60 month period you will be debt free, the rest will have been written off. This is provided you maintain the repayment schedule and is based on the approval of the 75% reduction.

No more interest and charges.

The interest and other charges will be frozen meaning your debts will not increase.

Stops hassle from creditors.

You won't have to worry about being chased up by debt collectors and creditors anymore.

Avoids court action.

This can stop a bankruptcy procedure being enforced and also stop bailiffs.

Do I have to pay set up fees?

There are set up fees involved with an IVA but these are deducted from the money owed to your creditors and there will not be an additional fee added to your monthly repayment.

Setting up an IVA.

After you initially make contact with us we will discuss your current situation and decide if an IVA is the best solution for you. We would only advise a formal proposal if we think the IVA is likely to be accepted.

We will post a questionnaire out to you which will need to be completed and returned in order to gather all of the information needed for one of our advisors to prepare the IVA proposal.

You will receive a letter to confirm that you have instructed us to contact your creditors on your behalf which must be signed and returned. This means that we will now begin negotiation with the creditors and inform them of the situation so they should no longer bother you.

One of our experienced advisors will produce a draft proposal using the information that you have provided us with. If we require any further information we may contact you to retrieve this. You will be sent a copy of this draft proposal for approval which will need to be returned to us.

When you have returned the draft proposal complete with any necessary alterations, we will then update the proposal and return it to you for one final check and signature.

A report is then created on your offer to produce to the creditors. We will also lodge this report and IVA proposal in court. This is a formality and will not require your presence in court unless there are exceptional circumstances.

A creditors meeting will be arranged in order to discuss the IVA application where we will present your proposal. You are not required to attend this meeting but you may do so if you wish.

The creditors will each vote as to whether they want to accept your proposal. If 75% (bu value of the debt) of the creditors agree to the offer then your IVA will be accepted. This IVA is then legally binding to all creditors whether they voted or not.

It is possible for a meeting to be adjourned for up to 14 days in order for creditors to review any revised offers if applicable.