How Does IVA Debt Help Work?
There are numerous ways in which people attempt to get themselves out of difficult financial situations and the method that is chosen can often depend on the extent of the money problems. IVA debt help can often be a good way of getting yourself back on track financially and is an alternative to having to declare yourself bankrupt. However, many people may have either not heard of this or they may not be too sure of exactly what it entails. We have therefore given you a basic outline of how an Individual Voluntary Arrangement works and what it can do to help alleviate the problems you are facing.
When choosing to go down this route, you need to use an insolvency practitioner to get the arrangement set up. They will initially be able to act simply as an advisor but when you have made the decision to go ahead then they will then do the necessary work to get you started on the process. The most basic way of describing how the voluntary arrangement works is that your insolvency practitioner firstly assesses your situation. After this they will come up with a more affordable monthly payment plan that is proposed to the creditors, if 75% of them agree to the plan then the arrangement can go ahead. If the plan is agreed then you will end up paying one monthly lump sum to the insolvency practitioner and they will then spread payments out between creditors with the largest creditor receiving the largest percentage.
An Individual Voluntary Arrangement will last for a maximum of 5 years, after which all debts will be cleared. The result of this means that entering into one of these agreements will more than likely mean that there will be a large chunk of your debts that are written off. Another thing that needs to be considered is the fact that throughout the duration of the agreement, the creditors will generally not be able to issue any late payment of interest charges on the amount owed. As well as this, they should not contact you regarding any issues to do with the debt, any correspondence needs to go through the insolvency practitioner for them to deal with.
If you are struggling to keep up with monthly payments to numerous creditors then IVA debt help may be an ideal solution. However, before entering into any agreement you should make sure that you consider all available options and consult and independent financial advisor who will be able to assist you.
Questions and Answers
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