IVA

The residents of UK can avail an IVA (Individual Voluntary Agreement) for successfully eliminating their mounting debts within a set period of time. This is much better option than bankruptcy as you won’t be debarred from taking new loans for a period of ten years. Aside from this, there is no social stigma attached to an IVA debt advice as in case of bankruptcy.

IVA debt solution is set up by an Insolvency Practitioner (IP) for you after carefully studying your financial condition and eligibility. After getting necessary orders from a designated court, an IVA proposal is made by an IP that is sent to all your lenders and a meeting is convened for discussing it. If 75 % of your lenders say yes for this proposal, the remaining ones will have to sign on the IVA debt agreement whether they like it or not. You will be paying much reduced and affordable monthly installments at a reduced rate of interest for a period of 5 years. Upon the completion of the 5 year duration, any of your remaining debts will be completely waived off for ever. This makes you totally debt free within a stipulated period of time.

With the set up of an IVA agreement, you will no longer be required to pay hefty rate of interest or any penalty charges to the lenders. There is no restriction on you if you want to do a job. Aside from this, there is no danger of losing your house as in the case of bankruptcy.

There is no upfront money that is to be paid in case you want to set up an IVA debt agreement for yourself. You will have to make monthly payments and service charges of the company are included in the installments itself. With large portion of your outstanding debt ultimately written off after five years, it is definitely appears like your money well spent.

You should take adequate care while choosing a IVA debt advice company as there is wide variation in rates. You should go with a reputable company that has considerable experience in this field and has reasonably successful record on this front. An IVA debt solution is your best bet for a debt free future wherein you are in control of your finances.