A borrower who is finding it difficult to clear the debts can benefit from an IVA. It is a good option for those who wish to avoid bankruptcy. It can also prove beneficial to all parties including the creditors. Bankruptcy has larger and long term implications. An IVA can help avoid this.
Basically, an IVA is a contractual arrangement with creditors and can be as flexible as an individual’s circumstances. It is a formal agreement between someone who owes money (the debtor) and the people he or she owes money to (creditors). An IVA proposal sets out how the debtor is going to repay the creditors, usually over a period of 60 months.
An IVA should be set up by a licensed insolvency practitioner such as one of our many approved and licensed practices as it is formal in nature. A borrower can avail the services of an IVA company to solve IVA problems. These companies have in depth experience in handling IVA cases.
These companies consist of a team of experts who do not charge any upfront fees for putting together a client’s proposals for an IVA. This is how an IVA process functions.
It will help in the following ways:
• All interest and charged on the account to be frozen.
• Homeowners may have to release the equity in the home.
• The account of the borrower is administered by a fully qualified, licensed insolvency practitioner, who takes responsibility for liasing with the creditors and distributing funds on behalf of the borrower.
IVA Company also provides the following services:
• Debt Relief Services
• IVA Information
• IVA Help
• IVA Advice
• IVA Bankruptcy
Before opting for any IVA company, one must do a careful research. The company must have had a reputation of helping people. It should also be able to advise on the course of action that one needs to undertake.
The success of this kind of company depends upon the final decision of the creditors. An experienced Insolvency Practitioner can efficiently assess each new case before starting the IVA process. This will help save unnecessary time, effort and cost.
How does an IVA Work?
A person who is opting for an IVA, will be questioned regarding your current financial situation once it is decided that an IVA is suitable for the person. Based on the information provided, a repayment amount will be agreed upon. Followed by this, an application will be made to the court for an Interim Order. Once this comes into existence, creditors cannot take legal action against the person.
Source:- http://globalfinancialhelp.com/Financial/personal-finance/iva-company-to-solve-iva-problems.html
Tuesday, December 2, 2008
IVA Advice no need to apply for bankruptcy
IVA Advice, no need to apply for bankruptcy.
IVA is a life saver for many people who are almost bankrupt or already declared bankrupt. It is a counter measure to bring people out of debt while allowing creditors to gain more from the debtor as opposed to bankrupcy.
IVA stands for Individual Voluntary Arrangements and it is used in UK through contractual repayment arrangement with creditors for debtors wishing to avoid bankruptcy. Established by the Insolvency Act 1986, the private arrangement between debtor and creditors has been beneficial for helping debtors avoid the stigma of being a bankrupt, get their debts settle within 5 years or whatever term they are comfortable with and doesn’t restrict the debtor from obtaining future credits. Business people and traders will appreciate IVA even more because taking an IVA doesn’t require them to dissolve their partnership or cease acting as director of their company. The fee is lower than declaring bankruptcy and they still get to keep their house and other assets.
With a debt exceeding £15,000 owed to 3 or more creditors, you are qualified for IVA. All these information and more will be available to you when you ask for IVA Advice. You will need IVA advice before going forward with it because sometimes, an IVA can go wrong too. Your proposal might get rejected the first round or you ended up agreeing to unrealistic proposals; IVA Help you get the best agreement.
IVA Information can be sought online in the comfort of your home. Be sure to go to reputable IVA advisors with license and are knowledgeable on IVA regulations. If possible look for free IVA advice.
The option of whether to apply for IVA debt relief services or declaring of bankruptcy is quite easy to make. The stigma from bankruptcy will stick with you forever while IVA is a discrete arrangement between you and your creditors. At most, your record will be kept for 6 years in your creditors’ file. If you declare bankruptcy you still have to pay a certain fee and sell your assets to pay off the debt. IVA allows you to work out an arrangement to pay at your terms according to your affordability and income. It is very flexible and your Insolvency Practitioner will guide you all the way to a debt free life. Before you know it, 5 years would have pass and you can happily start your new life, debt free.
Source:- http://www.advertisesamestreet.com/finance/iva-advice-no-need-to-apply-for-bankruptcy.html
IVA is a life saver for many people who are almost bankrupt or already declared bankrupt. It is a counter measure to bring people out of debt while allowing creditors to gain more from the debtor as opposed to bankrupcy.
IVA stands for Individual Voluntary Arrangements and it is used in UK through contractual repayment arrangement with creditors for debtors wishing to avoid bankruptcy. Established by the Insolvency Act 1986, the private arrangement between debtor and creditors has been beneficial for helping debtors avoid the stigma of being a bankrupt, get their debts settle within 5 years or whatever term they are comfortable with and doesn’t restrict the debtor from obtaining future credits. Business people and traders will appreciate IVA even more because taking an IVA doesn’t require them to dissolve their partnership or cease acting as director of their company. The fee is lower than declaring bankruptcy and they still get to keep their house and other assets.
With a debt exceeding £15,000 owed to 3 or more creditors, you are qualified for IVA. All these information and more will be available to you when you ask for IVA Advice. You will need IVA advice before going forward with it because sometimes, an IVA can go wrong too. Your proposal might get rejected the first round or you ended up agreeing to unrealistic proposals; IVA Help you get the best agreement.
IVA Information can be sought online in the comfort of your home. Be sure to go to reputable IVA advisors with license and are knowledgeable on IVA regulations. If possible look for free IVA advice.
The option of whether to apply for IVA debt relief services or declaring of bankruptcy is quite easy to make. The stigma from bankruptcy will stick with you forever while IVA is a discrete arrangement between you and your creditors. At most, your record will be kept for 6 years in your creditors’ file. If you declare bankruptcy you still have to pay a certain fee and sell your assets to pay off the debt. IVA allows you to work out an arrangement to pay at your terms according to your affordability and income. It is very flexible and your Insolvency Practitioner will guide you all the way to a debt free life. Before you know it, 5 years would have pass and you can happily start your new life, debt free.
Source:- http://www.advertisesamestreet.com/finance/iva-advice-no-need-to-apply-for-bankruptcy.html
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