Having debts and struggling to manage them is quite an arduous task. In fact, it is more of a common problem which is affecting the lives of most of the people. It is not possible entirely to solve these problems at a time when your financial standing is not that good. Even if you try hard, the problem seems to grow each and everyday. You may think of declaring yourself as bankrupt. However there is an alternative, which is not only beneficial but also helps to sort out the problems. With the help of , you have a suitable ally to settle all the debts.
Individual voluntary agreement or IVA is a legally binding document between you and your creditors, which is administered by an insolvency practitioner. The purpose of IVA is to assist you reach a compromise with your multiple creditors, thus by evading bankruptcy. In this regard, the insolvency practitioner's main task is to present a proposal on your behalf to the creditors. There are lots of benefits if you opt for the IVA program. It enables you to reduce your debts in to an affordable level and clearing it off over a fixed period of time. The creditors readily agree with this sort of arrangement as they are able to get some amount of the debts, which might not have been possible if you had opted for bankruptcy. What more, you can also take a fresh mortgage under this program. Moreover, the program is totally confidential, which means other than you and your creditors; no one would know about a thing about the program. There is no threat towards your home and you can still continue with your job. Basically, you are required to make payments for a period of 3-5 years. After which all your remaining debts are completely written off. This way, you can easily pay off 80% of the total debts incurred. Since it is a legally binding agreement, the chances of creditors adding further interest rate is quite nil. The interest rate remains fixed for the whole term. Besides, there is no possibility of creditors taking court against you. These are some advantage of availing this program. So with IVA debt advice, you have an opportunity to write off your debts in a manner that suits you, without getting bankrupt. |
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