IVA debt solution is very important for people struggling to clear their credit repayments. The UK government debt direction program introduced the new IVA debt solution. With this solution, an Insolvency practitioner is appointed to handle the debtor's financial problems and this practitioner helps the debtors to clear out all their debts. The IVA Debt solution in UK acts as an alternative solution to the bankruptcy.
It is completely different from the normal program conducted by commercial firms as shown in Medias. This debt solution facilitates the debtors to reduce the debts to a reasonable level and to clear it over an assigned period. The entire processing in IVA debt solution is held confidential and is only discussed with the debtors and the associated creditors.
Advantages of IVA for debtors
There are many advantages for both debtors and the creditors while using IVA debt solution. With IVA, the debtors have no worries associated with the debt clearance as in bankruptcy. The debtors can easily repay the newly assigned affordable monthly refunds with the help of IVA solution. A debtor who is restricted from opting bankruptcy due to the occupational level can also access the IVA solution.
While under IVA debt solution, a creditor at any chance may not make legal statement against the borrowers. The creditors can never change the reduced monthly repayments agreed with the IVA solutions. The solution agreement assigned by the IVA will remain only for a period of five years. If the borrower is not able to repay the debts within five years, the creditors may extend the period as per the possible situation.
The agreement with IVA debt solution is dealt confidentially even though a record is kept with the IVA register and the credit register. The debtors connected with this service need not worry about any risky collectables at the creditors end.
