Expert IVA Advice

With inflation and interest rates rising, an increasingly large number of people are feeling the effects of rising debts which seem impossible to repay. This leads to a growing number of creditors seeking legal action in order to recover bad debts. If you find yourself in such a scenario, you can resort to taking help from IVA experts. An IVA, or Individual Voluntary Arrangement, can help you to take charge of your finances and repay a portion of your debts over a fixed period. Any remaining debt is written off when the IVA is complete.

If you are struggling to pay mortgage instalments, credit card bills and daily expenses, you may prefer to enter into an agreement with your creditors where they allow you to repay at a reduced rate and freeze interest and charges. This can sometimes be achieved through a debt management plan; although this has no legal basis and creditors can renege on any arrangement made. An IVA, on the other hand, is legally binding on both you and your creditors and can be the only substitute for bankruptcy.
 
Needless to say, handling debt matters is not child’s play. It can be extremely complicated and stressful and even exhausting in certain cases. Many people confuse an IVA with debt management. While they do have many similarities, the two main differences are that an IVA is legally binding and an IVA will last for a fixed period, usually five years. Depending on your circumstances, an IVA expert may recommend a debt management plan over an IVA, however this may be a service they don’t provide, in which case they will usually refer you to another company.

Taking expert IVA advice can benefit you in more ways than one. The experts at an IVA Company can guide you through the process of preparing an IVA proposal in such a way that the creditors are more likely to accept it. Additionally, an IVA company will handle the collection of payments from you and subsequent distribution to your creditors. This makes it easier for you to manage your finances as you will only be paying one monthly contribution rather than many separate payments.

Seeking help from the expert IVA advice also has some other added advantages, such as the company handling the IVA gets all the paperwork done for you beforehand and may also provide you with a drafted proposal based on the financial account given by you.