Basic facts about Individual Voluntary Arrangement
People all over the world are getting affected by the instability of economic situations, and UK is no exception. This has caused millions of people in the country to face sever debt issues. But most of these people are unaware of a solution called IVA or Individual Voluntary Arrangement, which can help them pay their debts easily and also write off the balance payment after a certain period. IVA is a way out for those looking for a remedy for their debt problem.
There are many IVA debt solutions agencies in England, Wales and Northern Ireland. Reaching out to them is quite simple as all of them have their presence online. Some of these firms have got real good records of having a good percentage of successful cases; and one such firm is http://www.ivadebtcalculator.co.uk . You can just register yourself at their website and fix up a meeting with their debt advisor. Your Insolvency Practitioner or IP will be able to advise you the best solution for your debt situation, and also if your case is eligible for IVA or not. This advice is very helpful in giving you a solution to handle your financial crisis. Under the IVA rules, your IP will be able to make an agreement between you and your creditor. Through this, you will be paying a much lesser amount to your creditor as than you were needed to pay earlier.
To come under Individual Voluntary Arrangement, the debtor has to satisfy certain conditions; one of which is that the unsecured debt must not be less than £15,000. IVA is meant to help both the creditor and the debtor. Through this, the creditor gets a part of his money paid back, which otherwise would not be possible in case the debtor files for bankruptcy. As for the debtor, not only is he able to avoid bankruptcy, he can also plan his future. Once the agreement is made, the creditor cannot bother the debtor for payment nor can he take any legal action against the debtor.
With so many advantages of IVA, there are some disadvantages too, as under the IVA, you are not allowed to use your credit and store cards or any other such cards. Plus, till the time you complete your IVA, you cannot take any new unsecured debts. Once you have completed your IVA period without any payment default, your credit rating will improve. You may contact the IVA pros for an expert advice for a nominal fee.