IVA Help – If Drowning in Debt

Like millions of other people, you’re probably working hard and struggling to pay your bills. For many people, an IVA or individual voluntary arrangement — might be the best way to stop worrying and start living again.

Is IVA help right for you? IVA are designed to help businesses and individuals who are having trouble paying their debts, but for whatever reasons don’t want to file for bankruptcy. You can wipe out up to 75% of your debt with IVA help. With IVA help, you can get low monthly payments for five years, after which any remaining debt is wiped out. A year after that, the IVA is removed from your credit record and you can start rebuilding your credit. Because of this, an Individual Voluntary Agreement is probably a good choice for dealing with your overwhelming debts.

What do you need in order to get IVA help? First, you must live in England, Wales, or Northern Ireland. Second, You must have at least £15,000 in debt payable to three or more creditors. In these troubling financial times, this is not difficult to achieve.

You do not need the agreement of all of your creditors to qualify for IVA help, either. As long as you get 75% of your creditors to agree to your IVA plan, the IVA becomes legally binding and the others are required by law to comply with the details of the IVA plan.

You do not need to own a home in order to qualify for IVA help. Although many people believe that bankruptcy is the only option for those renting their homes, this is simply not the case. Likewise, self-employed people can also qualify for IVA help.

The most important factor in obtaining IVA help is coming up with a plan that at least 75% of your creditors will agree to. Because you need a plan with reasonable payments that you can make without struggling, but which will be high enough to satisfy your creditors, you need IVA help from an experienced Insolvency Practitioner. You can do a simple web search, but for the best experience, be aware of the nature of your own situation and select an Insolvency Practitioner who has prior experience with clients in a similar situation.