If you are looking for IVA advice, then you need to know that a lot of people are also looking for the same information. So, we have come up to help you in gaining the information required for these Individual voluntary arrangements. The primary objective of an IVA is to help out the individuals who want to get back on track financially instead of being bankrupt. A lot of people are not aware about the alternatives that are available for them in managing the debt crises, but if you are looking for some good advice for managing your debts and clear off what you actually owe, then maintaining a good credit rating is definitely a good thing. For availing more information regarding managing your debts, contact the financial advisers at IVAPlan.co.uk. With an expert’s help you can start up your life again, free of financial burden.
While you are in an IVA agreement, you shall be protected from any action taken up by the creditors to force you into making faster payments. They cannot draw you to court, cannot make you bankrupt and also cannot demand any more money from you as long as you are in the individual voluntary agreement. Now, that being said, there are certain regulations which you need to maintain. Firstly, in the present economic times that we live in, you need to know that if you miss 2-3 months payments, then you can be made bankrupt. You might not miss consecutively, but this is a fact. This is a rule of the IVA and so you need to read the agreement really carefully. You need to consider the job security before entering into the IVA. If you are having any queries, do not hesitate to ask them before finalizing an IVA for your debt solution.
Opting for a decision to take up the IVA and actually continuing with the process, the two are completely different things. In a stressful time, you can find it really difficult because you have to undo a lot of process. Starting from selecting a professional advisor for completing the paperwork and at the end dealing with the creditors, the overall process is difficult. But a specialist will definitely alleviate a lot of stress and be there for you when you need any suggestions.
There are insolvency practitioners who will continue to provide comprehensive support throughout the entire period of the agreement. There are actually two types of debt consolidation schemes which can be offered under IVA, the first one is known as the five year plan where the individual will be allowed a time span of 5 years within which he/she has to return the amount. This naturally means, at the end of 5 years, you shall be free of debt and the amount to return monthly is decided depending on the financial condition of the debtor. The second option is 1 year plan, where you can avail a good amount of money by re-mortgaging your property.