If you owe more than 15,000 in unsecured loans to three or more creditors then an IVA may be the ideal solution for you. Introduced as part of the government's Insolvency Act of 1986, an IVA can protect you from creditor legal action, stop constant contact from your creditors and allow you to pay off your debts with realistic repayments.
When you seek the expert assistance of this debt management company, they will assign you a specialist Insolvency Practitioner who will take on your case and help with the process of negotiating an IVA with your creditors.
The process begins with a discussion to determine the extent of your debts and which creditors you owe money to. If it is decided that an IVA is a suitable solution, a proposal will be set up and they will contact your creditors to arrange a Creditor Meeting. To give you peace of mind, once your proposal has been made, they will also contact the County Court to request an Interim Order that prevents your creditors from starting Bankruptcy proceedings against you.
If your creditors agree to accept an IVA, all interest and charges will be stopped. What's more, there is a possibility that some of your debt will be written off on the condition that you will make monthly repayments, usually lasting 60 months.
However, you must be aware that should you fail to meet these monthly repayments, your Credit rating will be affected for up to six years and you will most certainly be made bankrupt and, after around 4 years, it is likely that your creditors may look for any equity on your property.
If you can manage these affordable monthly repayments, setting up an IVA with your creditors will be an effective method of easing creditor pressure whilst giving you the best possible chance of protecting your assets and relieving your debt. Take the first steps towards a debt-free life today by seeking the assistance of this leading debt management team to find out if an IVA is a suitable solution for you.
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