Our calculator will help you to decide whether an IVA is right for you.
There are times when you are unable to meet the expenses of your family and business and hence look for external financial assistance. You may be forced to borrow some money to make ends meet. Although it is seen as normal to obtain credit, it can be the start of the road to financial problems and bad debts. Failing to ensure you can actually afford the repayments and poor management of your debts lead to missed payments, default notices, county court judgements and potentially, bankruptcy.
Bankruptcy has many side effects, including a degree of humiliation as your bankruptcy is posted in your local press. If you want to avoid bankruptcy, it is crucial that you manage your debts properly and don’t obtain more than you can afford to repay. If you are already past this point, you may need a more drastic solution. An IVA company can provide you with valuable help and advice regarding the options available to you. If you take this route, it is important that you choose a reputable IVA company with experience in the field.
Almost all the IVA companies have well experienced IVA advisors who are more than eager to help you out from this troublesome scenario. An IVA, fundamentally, is an agreement between your creditors and you that is conducted via an insolvency practitioner. It allows you to settle your debts with the creditors effectively within a fixed time. As it is a legal matter and the creditors have to be negotiated with first, the IVA Company provides you with good IVA advisors so that you can understand the entire procedure properly.
They also help in making the creditors approve such debt reconciliation plans in which both the parties involved are benefited. That is, the creditors are benefited with the payment of their capital sum loaned and you are allowed to make organised monthly payments to them, easing off your burden as well. These advisors also help in collecting the requited financial data that is required for effectual presentations of the IVA offers for the creditors so that they approve immediately, that will be much to your comfort.
Once your creditors accept the IVA offer and you pay off your debts successfully within the give period, these advisors also help you in upgrading your credit reports through the completion certificate submission copy to all the credit agencies.