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As with every financial agreement, you will have to consider all IVA pros and cons before you enter into one. Knowing everything that will come with entering into this agreement is important, which is why we always ensure that you know what you’re getting into. Making a list of the pros and cons of an IVA can help you to simplify the information you’ll be getting about this debt management solution, and will help you to make the right decision for your finances.

The pros of an IVA

There is a wide range of advantages to taking part in an IVA, as you will find that it is an easy way to resolve your debt issues and get you started on the path to a debt free life. Your pros can include:

  • You’ll be debt free after 5 years
  • You won’t receive any payment demands while in your IVA
  • Any interest or late payment charges will be frozen
  • Your debt will be managed into one monthly payment
  • Your credit rating will be repaired (usually around a year after your IVA has finished)
  • You will have protection for your home and certain assets
  • You’ll be protected from any court action concerning your debts
  • Your IVA is flexible and will be reviewed annually to see what payment plan suits you best
  • Your creditors will see that you’re willing to pay back your debts

All of this will prove that you’re willing to make a positive change to your final situation as well as to your overall lookout on life. With no more debt-chasing or worrying about the outcome on your home you’ll be able to fit your payments into one lump sum without struggling to organise your income into multiple monthly payments.

Cons of an IVA

There are always disadvantages to consider in every debt resolution scheme, which is why it’s important to understand both sides of the solution before you sign up to anything. IVA’s are no different, and it can be vital to know what the cons of an IVA can be so that you don’t make the wrong decision regarding your finances. Cons of an IVA could include:

  • A possible release of your home equity
  • There’ll be no unsecured borrowing during the time of the arrangement
  • You’ll be stuck to a specific payment regime for 5 years
  • Your credit rating will be damaged for the five years you are in the arrangement, plus around a year after (but it would also be damaged if you had declared bankruptcy)
  • An IVA lasts longer than bankruptcy – bankruptcy usually lasts about 1 year
  • You will have to pay back more than you would in bankruptcy
  • You have to include all of your creditors
  • You’ll be able to be found on the insolvency register
  • Some jobs don’t allow their employees to be bankrupt or in an IVA

Considering these disadvantages is important when you are looking into an IVA, but knowing that at the end of the five years that you are involved in your IVA your remaining debts will be wiped and you will be able to start fresh, it seems worth avoiding bankruptcy and paying off your creditors however you can.

Considered the IVA Pros and Cons?

Once you have had the chance to weigh up IVA pros and cons, you might find yourself considering signing up to your own IVA to help manage your debts. By simply filling out your details you’ll be put in touch with one of our agents here at Consumer Rights who’ll be able to help you discover whether you’re eligible for an IVA, and how this agreement can help your finances. Filling out our form today will help you to start your journey to financial freedom quickly, so why wait?


Flight Delay Entitlement



flight delay entitlement

Having your outbound or return flight delayed can really put a dampener on your trip, as well as potentially being highly disruptive to your business plans. This is not something you need to simply accept and you may well be entitled to compensation depending on the circumstances surrounding your delayed flight such as the causes and the length of the delay. Flight delay entitlement is something which is well worth looking into if you have been the victim of a delayed flight in the past six years, and can go some way to perhaps covering the costs incurred as a result of your delay or simply making up for the inconvenience you have suffered.


Flight delay entitlement doesn’t exclusively apply to delayed flights. You are also well within your rights to claim for a cancelled or even overbooked flight should that match your situation, and the claims process is very much the same.


Flight Delay Entitlement Explained

Here we are going to discuss in more depth your flight delay entitlement. Even if you have suffered a significant delay, you may not always necessarily be entitled to be compensated in the form of money. Your airline will, however, be required to help you out in other ways such as food vouchers to account for the additional time spent in the airport, as well as arranging and paying for overnight stays in hotels should the situation require it. All of this depends on the length of extra time you will need to stay in the airport as well as the reasons for which your flight got delayed.


Your flight delay entitlement may also be impacted by the actual length of your delayed flight itself, but all of this will become more clear as we explain the flight delay entitlement process.


If your delayed flight totals anything under 2 hours you are not eligible to receive any form of compensation, however anything above this means that you may be able to claim reimbursement. For those who’s flight delay was between 2-3 hours you will not be entitled to a financial reimbursement, but you must receive food and drink from your airline, access to a phone or at least some mode of communication and even overnight accommodation if necessary. If your flight is delayed by more than 3 hours you are legally entitled to everything we have already mentioned, as well as actual financial compensation provided that the delay was caused by a fault of the airline. Circumstances such as inclement weather conditions or security issues will mean that compensation will be unlikely. The amount you are likely to gain in compensation typically varies depending on factors such as flight distance, how long your flight was delayed for and whether or not your destination falls within the European Union. You can find out more about the precise amounts which you are entitled to depending on your circumstances here.


If your flight delay totals more than five hours then you are faced with a number of options. You can choose whether or not you wish to still board the plane, and if you choose to do this then you could claim as much as £600 as well as all of the additional benefits we have touched on for flights with a sub-five hour delay. If you decide against taking the flight, which you are also well within your rights to do, then you are entitled to a full refund for your ticket as well as any other flights on your trip which may have been affected as a result.

If you would like more information about the flight delay claims process click here for our comprehensive guide to flight delays and how you can go about claiming what you are owed.

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Were You Mis-sold Your Home?



mis-sold house

Were You Mis-sold Your Home?

Moving house is a testing but exciting time in your life and it comes with its own list of challenges that can be difficult to overcome. The last thing you want to happen is for further unnecessary complications to make the process more difficult than it already is, but unfortunately this is often the case for a number of people and being the victim of a mis-sold house is becoming more and more common.

A mis-sold house might be a concept that you are unfamiliar with, but it affects more new homeowners than you might imagine. Thankfully there are specific requirements which must be adhered to when selling a house and if you are misled in any way during the process of buying a new house then you may be entitled to make a claim.

What Does A Mis-sold House Mean?

An instance which could be classed as a mis-sold house could be when you purchase a new-build leasehold home only to find out further down the line that there are clauses within your lease that you were not made comprehensively aware of. The ramifications of a lease must be made explicitly clear to the individual concerned as it can leave buyers unable to sell their home further down the line due to what they have been tied into.

It can be difficult to prove that any wrongdoing has been made by the organisation that sold you the lease and so it is important to keep a log of any misrepresentation you have been subjected to in order to be able to form a valid and winnable case.

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Was I Mis-sold An Endowment Policy?



mis-sold endowment policy

What Is An Endowment Policy?

An endowment policy is essentially a life insurance policy which is obligated to pay out after a set time period or upon the death of the policy holder. The time frames can vary depending on the age of the individual and the policy itself, and in some cases these policies may pay out upon diagnosis of a terminal illness.

You may be entitled to claim if at any point the terms of the policy weren’t clearly articulated to you when you took it out or if the information you received was inaccurate in any way. Your advisor is obliged to make a full assessment of your financial situation and the levels of risk involved in taking out an endowment policy of this nature, and they must also make the fees and charges involved clear to you as well.

Mis-sold Endowment Policy Claim Time Limit

It is important to note that there are often time limits to consider when attempting to lodge a claim for a mis-sold endowment policy. Typically you will receive a warning letter informing you that there is a significant risk of shortfall, and from this point you will have three years with which to officially make your complaint. You will also receive a letter six months before your end date, and any complaints submitted after this date will be dismissed as being simply too late.

The first step is to contact the company who sold you the endowment policy themselves. There are some scenarios whereby the company who mis-sold the endowment policy actually no longer exist, and if this is the case then the best option is to get in touch with the Financial Services Compensation Scheme to discuss your options in further detail.

Once you have submitted your complaint the company should respond to your query within approximately eight weeks. You may be offered compensation within this response, and if that is the case then you will be able to personally determine whether or not you feel that this is sufficient. If you are not satisfied with what is being offered then you are within your rights to complain to the FOS (Financial Ombudsman Service) in a further 6 month time frame for an independent review.

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