IVA Advice May Help You Arrange Easy Debt Repayment

An IVA or Individual Voluntary Arrangement is a debt repayment scheme that can save you from such dire measures like filing for bankruptcy. It is a legally binding agreement within you, your creditors and the Insolvency Practitioner (IP). By registering yourself for such a program, you will be able to lessen your overall repayment amount; you only have to pay a percentage of the original debt over a period of 5 years. You will pay the installments to your IP and he will, in turn, distribute it among your creditors. Sounds a good way of repaying your debts, doesn’t it? But the features of an IVA ADVICE are many. You should be acquainted with all its aspects before you make your decision.
First of all, you must be aware of the criteria that decide your eligibility:

* You can avail the program if and only if the total amount of your debts is larger than £15000
* You should owe to three or more creditors, none from the same lending institutions or organizations
* You have a fixed disposable income above £200 per month, assets whose equity can be released or a third party that could make payments for you. You should have enough allowance for your basic expenses
* Creditors that hold 75% or more of your debt must agree for the IVA to be approved.
* A nominees report from your Insolvency Practitioner which shows that an IVA is a good faith offer from your side

Then, you should check out what advantages an IVA INFORMATION can offer you:

* Interest and charges are frozen
* An Interim Order from a court of law can be placed which prohibits your creditors from making any demand.
* Upon successful completion of your repayment, you will be considered free from your debts regardless of the fact that you have not paid the original amount
* Information regarding the IVA are kept private; it will not be advertised on the papers like it happens with bankruptcy
* You can still continue your professional career.

An IVA is no doubt a preferable alternative to bankruptcy, though it may cost you more. But you need to be careful while selecting the IVA practitioner. You need to confirm that no upfront IVA fees are payable at anytime as no-fee IP firms also exist. Reliable and experienced IP firms will neither charge you money before your creditors have agreed to the arrangement. A lot of information may be gleaned from the internet regarding IVAs and advice regarding the scheme. You should make it a point to be as knowledgeable about them as you can.
Source:- http://www.freeiva.net/iva_advice_may_help_you_arrange_easy_debt_repayment.html