Our calculator will help you to decide whether an IVA is right for you.
An Individual Voluntary Arrangement is an legally binding contact between your creditors and you, supervised by a Licensed Insolvency Practitioner. But a vast majority of people in debt ask do IVAs help or not? The basic purpose of Individual Voluntary Agreement is to allow you to arrive at conciliation with your creditors and avert the consequences related with bankruptcy.
The Individual Voluntary Arrangement further allows you to cut down your debts to an affordable level as well as clear them off over a fixed period. The compromise must offer a bigger repayment to your creditors than they would receive in the case of your bankruptcy. In addition, you can also take a fresh mortgage whilst in an Individual Voluntary Arrangement. Furthermore, it is a completely private arrangement with the intention that only those directly involved in your IVA need to know about it. The Individual Voluntary Agreement further makes sure that your personal assets, especially property, are protected and your job is also risk free.
You make a single manageable monthly payment that is based upon your ability to pay for a fixed period, normally 5 years. Afterwards the remaining debt and unpaid arrears are written off, leaving you free of unsecured debt. Depending on your circumstances, an IVA could write off up to 75% of your debt. Thus, the answer to the question “Do IVAs help?” is a resounding yes.
Nevertheless, under the conditions and terms of Individual Voluntary Agreement you undertake for contributing as much as possible in your budget. Thus, in reality, an IVA (Individual Voluntary Arrangement) gives an opportunity and one single chance to you for paying off whatever you can in the most manageable manner, the way that you can afford.
To get the best IVA solution it is very crucial to choose the best Individual Voluntary Arrangement practitioner. To make out which IVA service provider is best always remember to be calm with the adviser, never use IVA service giver, which charges a fees for the arrangement of the documents, make sure that the IVA provider has done a thorough study of your situation.
In addition, always be sure to discuss about all the alternatives available for you and also look for a provider with no up-front fees. Last but not the least choose the service provider, which you think, will help you the most according your circumstances.