Iva Debt: Paving the Way to Financial Freedom
More than ninety percent of population in UK is going mad and crazy about their debt hazards. Under this scenario, bankruptcy is seen as the only way out, to tackle the situation. Here is another alternative solution to the problem which is less restrictive and advantageous for any debtor. The name is IVA Debt or Individual Voluntary Arrangement for debt.
In 1986, Insolvency Act implemented the IVA. According to this legal agreement between debtors and creditors, is to settle the problem of bankruptcy with the creditors. An Insolvency Practitioner is assigned to supervise the arrangement. The IVA debt allows cutting the amount of the debts to comfortable level to pay over a stipulated period. New mortgage can also be taken during the time period of IVA debt. This is a personal agreement and so home and job is absolutely safe. Also, no third person knows about it. For three to five years, an affordable monthly paying scheme is worked out as per your budget. Through an IVA debt, debt's stake of 75% is written off. The IVA allows paying as much or less as possible that too in the best suited way according to debtors. However, professional guidance is advised before entering the IVA debt.
Advantages:
Only a small percentage of debt is to be paid.75% of the amount can be written off. No extra interest is added. You are also protected against court action. The plan of monthly payment remains same throughout the period in most cases. No publicity is done as in bankruptcy. IVA is harmless to your profession as well. A bank account can also be opened with no overdraft facility. The property can be safeguarded, too.
Disadvantages:
If your house has equity, policy of endowment linked to mortgage or assets then they can be released to pay the creditors in order to safeguard your home. Debts below 15,000 cannot use IVA. The minimum monthly payment amount is 200. Incase of failure of repayment, creditors can take necessary steps. Incase of filing bankruptcy, the borrower can be discharged after one to three years. However, incase of IVA debt the borrower has to spare a longer period of time to be free from debt.
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