Tag Archives: debt advice

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IVA-Individual Voluntary Arrangement

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IVA also known as individual voluntary arrangement is a legal and binding agreement that has the capability of making an individual debt free in a span of five years. Most people are battling with debts and it is only with the help of an IVA that they attain financial freedom.

If you are on the brink of bankruptcy, there is no doubt that you need immediate help in clearing your debts before things get out of control. This is where an IVA comes in since it legally protects you from further interest charges which only service to increase the debt amount. In order to qualify for this type of arrangement, a nomination has to be provided and a proposal for paying off the debts drawn by the practitioner. These are then sent out to creditors and they have to vote on whether or not they agree to the stipulations provided in the proposals. Debt advice ensures that you receive all the privy information needed to make an informed decision as well as formulate the proposal on your behalf in order to ensure that it is accepted by creditors. In this case, at least 75% of all the creditors have to agree to the proposal in order to guarantee that you get the much reprieve and it is up to them to ensure that this is provided.

After debt advice has secured the IVA on your behalf, the nest step is to start paying off the debt in accordance to the stipulated agreement. During this time, the creditors have to cease sending you letters, calling and paying you regular visits. Once you manage to clear off the agreed amount, then the remaining debt is cleared off and this is what makes you debt free. As mentioned earlier, this plan will ensure that you achieve this end in a span of 5 years at most and what is more, any interest charged on the unsecured debts or any other debt has to be frozen. In order to ensure that you are not forced into bankruptcy, then Debt advice will ensure that you stick to the agreement reached. It is for this reason that time is taken to evaluate your financial status in order to ensure that the agreement reached upon augers well with your financial status and does not put excessive pressure on your finances.

Debt advice has helped transform the lives of hundreds of UK residents by providing IVA solutions that. This is by ensuring that they clear off their debts within an agreed time span and hence, eliminate the possibility of being thrown into Bankruptcy . These services are provided by trained practitioners who understand the IVA world and work towards delivering tried and tested techniques to deliver effective results and solutions. Compared to the possibility of getting declared as bankrupt, this is the best alternative to most UK residents and it is precisely for this reason that Debt advice is considered one of the most efficient and reliable ways of ensuring that this end is met. Why battle with excessive debts when you can clear it within 5 years?

For More Info Visit: http://www.chilterndebtmanagement.co.uk

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Debt Advice- Practical Solutions to Use to Live a Debt Free Life

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There are very many people whose finances don’t work well for them and they end up borrowing a lot of money to plunge them deep into debt. This can be knowingly or unknowingly and one many have to live a miserable life as a result of this. To eliminate this problem and become free from debt forever, one can use debt advice to learn all the necessary techniques that can be used to gain financial freedom. This usually involves a lot of research to find out the options that one has to choose the best. This is where individuals have to compare the pros and cons of the various debt elimination methods to choose the one that suits their situation best.

In case one does not know the right direction to follow, it is important to get help with debt from professionals who are out there to assist individuals in the proper way. One has to be very careful to find professionals who will actually help them other than exploit them to make the situation worse. This means that one has to put in a lot of effort to find a reputable professional who has helped many people in the past. The professionals are supposed to asses the financial situation of the individuals to come up with the best solutions they will use to ensure that they are able to reverse the situation for the better.

Individuals can also get advice on debt from people who have been in similar situations and have come out of it successfully. It is important to listen to them as well as get several options from a number of people to choose the one that will work best. It is also best to look for ways that will used to ensure that one does not get into debt in the first place to avoid having to deal with the situation altogether. This is where one has come up with a budget to ensure the only use the money they have as well as save little for rainy days. Borrowing money should be the last resort that one turns to and individuals should have a plan on how they will pay back the money on time to avoid financial problems in the future.

The internet is also a great source where one can get debt advice as there are numerous resources that can be used to know the right direction to take. All one needs in this instance is a computer that has internet connection and they can browse through numerous sites to get the much needed help. Never settle for the first option as it is best to go through a number to make an informed decision.