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?
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