Top Ten Reasons to Choose an IVA
If you are finding it impossible to keep up with debt repayments, an individual voluntary arrangement, or IVA, could be the helping hand that you need. An IVA is government legislation which helps to create a better and more manageable program for paying off your debts, over a fixed term, which is usually set at 5 years, after which time the remaining debt is written off and you are successfully back in the black. The main advantages of an IVA, in no particular order, are:
1. You make just one monthly debt repayment, replacing all existing payments, which is an affordable sum based on your income and expenditure.
2. Most IVA programs can be initiated without any fees or payments up front, which could help you to save even more money.
3. An IVA is a legally binding agreement which protects you from further intervention from any of the creditors you owe, throughout the term of the agreement.
4. The Insolvency Practitioner responsible for your IVA relieves pressure on you by dealing with your creditors on your behalf.
5. The majority of IVA processes last for just 5 years. Some may last longer, others considerably less.
6. All interest payments are frozen immediately, so that the sum you are attempting to pay back is not growing continuously.
7. It is also frequently possible to waive any charges that may have been incurred, following any failed debt repayments, which make the repayment process increasingly difficult.
8. IVA proceedings are suitable for many tenants and homeowners, individuals and couples, even business owners. There are certain qualifying criteria, but are suitable for many.
9. An IVA can be set up in as little as 4 weeks, giving you the opportunity to deal with your rising debt problems as quickly as possible.
10. Only 75% of your creditors need to accept your IVA proposal for it to be passed and made legally binding to all.
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