Harassment from creditors and bailiffs can cause immense anxiety and can even affect your physical wellbeing. But you have great chances of getting back to financial health with the help of . An IVA is a legal arrangement which you can come to with your creditors. It enables you to pay them what you can afford. Usually it takes a couple of months or so. Later, the remaining debt is simply written off.
IVA solution is an agreement. It becomes legally binding. So, you should not enter into one if you have no realistic prospect of meeting your outstanding payments. The contract is legally binding on your creditors too. It means if you manage to keep up your repayments, your creditors will not take any further action against you.
Also, unlike bankruptcy, an IVA debt solution is a private agreement between you and your creditors. And importantly, no one else could need to know your personal circumstances. In addition, you do not risk losing your job in the event that you work in a job where being bankrupt can go ahead to you being dismissed. Also, IVA solution does not threaten your career even if you are working in the armed forces or practising in other professions.
For all that, you have with you an Insolvency Practitioner (IP). He helps you manage your debts in an organised and suitable manner. You need to give you cooperation to the IP. To this prospect, quarter of credit counseling agencies is out there in the money market. You can even locate them online. Online tool is simple and convenient. It saves a good amount of your time and energy. Later, help you collate information regarding the subject matter. By comparing different policies and plans, you can cull out the best possible one to meet your requirement.
