Iva Debt: Good Way to Avoid Bankruptcy
There are people who live on loans unlike others who take loans but by thinking wisely. Both these types of people can suffer if they cannot repay these loans. IVA debt program was designed to help these people in 1986.
IVA debt is a program which helps the borrowers who are in debt to be debt free. This is a legalized contract which is signed by the debtor and the creditors. Once this contract is signed, all the responsibility of clearing the debts becomes the duty of the insolvency professionals or the insolvency practitioners. Generally a part of the total debt is written off. The borrowers have to repay few percentage of the total debt amount. Another advantage of this program is that the rate of interest on the previous loans is frozen. So the borrowers have to pay the original rates and no extra interest is paid during this program. During this program the borrowers cannot be harassed or disturbed by the lenders as it requires court permission.
This program continues for over a period of 5 years. The borrowers have to pay monthly payments to the practitioner or the professional. Then they distribute the amount to the borrower's creditors according to the decided amount. The monthly payment generally starts from £250 or £300.
IVA debt is offered to the borrowers whose minimum debt is £15000. The minimum number of lender of the applicant should be 3 to 4. Having a bank account is necessary. The borrowers should be employed. The salary should be enough to pay the monthly payments and borrower's regular expenses. 75% of the creditors should agree with the contract. IVA debt is offered by the insolvency practitioners and insolvency professionals. But practitioners are better as they work alone. Choosing an experienced practitioner is suggested.
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Precious Almas is a senior author in loans where visitors can get useful information and apply for any type of loans online. For further information about IVA debt solution, IVA debt consolidation , debt management IVA, IVA debt free, IVA debt help, IVA debt advice visit http://www.ivadebt.me.uk
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