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A Bright Debt Free Future Awaits You
IVA is a legally binding agreement between the debtor and his/her creditors.
With an IVA you can significantly reduce your debt, stop being charged
a high level of interest, save your home and possessions and negotiate
a monthly payment which is much smaller and easier to manage than what
you are paying right now.
How does an IVA work?
Once you have decided that an IVA is the best solution for you an Insolvency
Practitioner (IP) will assess your financial situation and decide on a
repayment amount. An application form will be sent to the court for an
Interim Order following which no creditor can take legal action against
you. For an IVA to be approved a creditors meeting will be arranged which
you should attend. During the course of this meeting creditors will be
called upon to vote for or against the arrangement. If the creditors vote
for the IVA it gets approved immediately. However if creditors who represent
25% of your total debt vote against it the meeting will be suspended for
a later date. Therefore an IVA needs the support of 75% of the creditors
who represent your total debt.
Your IVA has been approved. What Next?
Once your IVA has been approved your IP assumes the role of tracking your
IVA s progress. It is your responsibility to pay the agreed repayment
amount every month to the IP who will ensure that the payment is distributed
among your creditors as agreed upon earlier. When the term of your IVA
agreement is over you will be free from your debts no matter how much
has been paid off. Remember if you fail to keep up to your monthly repayments
it could result in the failure of your IVA.
The IVA Advantage
agreement to get rid of your debts
All interest rates are frozen
Can help wipe off up t 75% of your
A single affordable and easy to
manage monthly payment at the end of which your remaining debts are
End to creditor harassment/collector
calls or mails/legal action against you
Repair your credit rating
Retain your car and home
You will definitely be debt free
within 5 years or less
Did you know that nearly half of the Insolvencies in 2006 were IVA
During the year 2006 1.4 billion of debt written off by creditors and
UK broke over 100,000 insolvencies. 2006 appeared to be a year of increasing
unemployment and rising bills which left hapless debtors turn to IVA to
help ease their debt.
Reethi R, expert
content writer for bankruptcy alternative .For further details on bankruptcy
alternative visit <IVA