Debt Help - Talk To A Professional For Free - IVA is it for me?
An IVA is a legal contract between you and your creditors. It enables you to cut your debts to an affordable level and clear them over a fixed period.
An IVA ensures that your home is protected, your job is not at risk, and your credit rating is not demolished. You can even take out a fresh mortgage while in an IVA.
You make one single manageable monthly payment, based on your budget, for a typical period of 60 months. After that
the remaining debt is wiped out, leaving you completely debt-free. This means that an IVA can write off up to 75% of your debts!
This all might sound too good to be true, and in many ways it is very good indeed.
However, under the terms of the agreement you undertake to contribute as much as possible within your budget.
So in reality, an IVA presents an opportunity for you to pay whatever as you can in a manageable way – a way you can afford.
IVA's are managed by a licensed Insolvency Practitioner. In order to make a full, detailed proposal to your creditors, in the hope of gaining their support, you'll need to give them as many salary slips, bills and bank statements as you can. Then they'll work out exactly what you can afford to pay towards your debt each month. When you're confident and satisfied with their work, the Insolvency Practitioner will talk through the IVA proposal with your creditors and come to an agreement. When you've completed the repayment period successfully, any remaining debt will be written off and your creditors will have no more claim against you.
The IVA application can be a difficult process. It involves a number of different parties and dealing with them all can take quite a while. In this time, your Insolvency Practitioner will draw up the IVA proposal, complete all of the paperwork, get it signed off and sent out. A lot of the work will actually be done on your behalf though. Once you've gone over your debt problem and given your Insolvency Practitioner the right paperwork to back up the claim, you can rest assured that a dedicated debt professional is managing the situation. You just have to keep up with those reasonable, affordable monthly repayments.
A simple plan to Change Your Life and end your Debt stress!!
Take control of your debts with a financial management plan My Debt help thousands of people take control of their debts every year. By looking at your income and bills a My Debt specialist can work out a plan with a single affordable monthly payment for you that covers all of your debts and leaves you enough to live comfortably. We deal with credit card companies, banks, lenders and debt collectors. For free debt advice about your current financial situation and how to reduce your payments, clear you debts faster, reduce or freeze interest please click “apply online” or “free debt test”
My-Debt totally changed my life,
from the first phone call they made my life a lot simpler!
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