Know more about Individual Voluntary Arrangement
If you are someone who is currently into debt and you’re from the UK, then you must have heard about individual voluntary arrangement. These are specifically designed to help you get rid of your debts. But being unaware of this, most people believe that it is actually for everyone. In reality it is for people who are in the true sense, unable to pay off their debts. So only those who are in a bad debt can get this benefit. How will the creditors be aware of my situation, you ask? Well, to make the creditors aware of your situation, certain criteria are followed. A special insolvency practitioner is allotted to you who checks out your bank details and makes sure that you are genuinely unable to pay off your debt or not. If your case is genuine, then the matters are taken forward from there, by the insolvency practitioner or IP.
From then onwards, all you do is pay your IP, who then distributes these amounts to the creditors. But be assured, this can only be possible if at least 75% of your creditors agree to individual voluntary arrangement, IVA. If at least that many don’t agree, then even your IP cannot help you. However, the IP makes their best efforts to make your situation understandable to your creditors.
If you are suffering from a bad debt situation, then IVA is the best option for you. We at IVA Pros make sure that your situation is completely understood. There are many benefits of IVA– read on to know them:
Make up your mind you are truly going to take the IVA. If you are afraid that your creditors might sue you, this is the best opportunity you have got to get a stress free life back. Within a matter of 5 or 6 years you will be free of all your debts and can start your life gain. Our experts have helped thousands of customers pull through such rough situations.
We cater to the residents of Northern Ireland, England and Wales only. So if you are from these places, you can book your appointment with our consultants who will look into your situation individually and give you sound advice to your problems. We know that each debt situation is different; which is why we take every case with a different approach. This is why it is necessary you share your complete details with us so that we can serve you to our best.