Our calculator will help you to decide whether an IVA is right for you.
It is a tough job keeping finances in check and managing them effectively. With ever increasing demands on your income, you may need to seek some external financial assistance. You may need the money to make higher education possible for your children, to renovate the house, for marriage, to invest in property or to build yourself a house. No matter what the need may be, if you obtain financial help, you have to pay it off as well. If not repaid, these debts can become quite a big nuisance.
It is vital to manage the debts effectively in order to live and work in peace. If your debts become more than you can handle, it can lead to a spoiled credit record, reducing your ability to obtain credit in future, or in the worst scenario, it could lead to bankruptcy. This will not only blemish your reputation but will also make it extremely difficult for you to obtain any credit for a number of years. So, it is wise to manage your debts and finances in time and do everything possible to avoid such a fate.
If you find that managing money is not possible for you and your expenses and debts are becoming an excessive burden, then you can seek assistance from money saving experts. These experts are well reputed and experienced in all kinds of monetary matters and thus can be of considerable help. They can advise you regarding safe investments and in how to manage the debts easily and successfully. If your case seems quite critical to these experts or on the verge of a crisis, these money saving experts may advise you to opt for an IVA, or Individual Voluntary Arrangement, which can give you a structured, time-limited repayment method.
In an IVA, you cease making payments direct to your creditors and pay a monthly payment to your IVA provider, typically for five years. Your IVA provider will then distribute the funds to your creditors on your behalf. Thus, you do not have to worry about paying individual creditors. Additionally, interest and charges are frozen at the outset of the IVA, meaning that the level of debt does not grow as long as you maintain your payments into the IVA.
Your IVA is supervised by a licensed insolvency practitioner who monitors the entire process and handles all correspondence with your creditors. Additionally, the insolvency practitioner will ensure that you are making all of the payments as they fall due.