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An individual voluntary arrangement or IVA, is one of the many primary options borrowers take when they are in need of additional support and flexibility when it comes to clearing debts with a number of creditors at once.
An IVA Debt Solution is not available in the Scotland area and the Scottish equivalent debt scheme is a Trust Deed.
As specialist debt advisors, we strongly recommend you get in touch today and check all available options.
As local experts https://www.responsibletaxes.org/ for homes and businesses, we recommend the IVA process to anyone who passes the simple criteria – as it can provide both the borrower and the lender with a huge amount of relief.
Not only can it help to release some of the stress and strain on the end of the debtor, but it will also offer confidence to creditors that the money they are rightfully due will be cleared in due course.
There are many questions to bear in mind when it comes to setting up IVAs, however – is it right for you? How will it affect your credit score and your ability to borrow in future?
Don’t worry – read on to learn more, and contact our nearby team for help and advice on all matters of finance and debt. Just fill in the contact form to speak to us!
Before we look closely at what goes into setting up an IVA, it is important to understand the presence of the IVA Register. This public roster holds details on all individual voluntary arrangements currently in play in the UK at any one time.
Even if you have completed this successfully, your name may remain on the register for a further three months – it is a system that is worth bearing in mind before you make any final decisions.
This system is otherwise known as the Insolvency Register, which serves to advise companies and lenders on who may or may not have struggled to pay certain monies in recent history.
IVAs otherwise, however, are seen as very positive – as they show initiative and willingness on behalf of the debtor to clear the debts which are expected of them.
Individual voluntary agreements essentially allow you to draft proposals to your creditors whereby you offer to pay lump sums towards your debts, or to set up a payment plan of sorts.
These proposals can be easily drafted with the support of financial advisors and experts closest to you or in your surrounding areas – which is why we are here to help as many local people as possible.
The pros in setting up an IVA are clear – they could help to reduce the amount of debt you owe to creditors at any one time by helping to break monies into manageable portions – and can also stave off further action from pursuing lenders while you are registered.
However, it is worth remembering that there are both IVA pros and cons – and the cons are largely that registration will impact negatively upon your credit rating for up to six years, and that any defaulting during the period will extend such an arrangement.
An IVA is a legally binding contract – it is therefore recommended that you remain within the remits and terms expected of you, and as suggested by a financial advisor.
The best IVA companies will help you find insolvency practitioners near me who can help you navigate some of the more complex elements of an individual voluntary arrangement.
Our services offer some of the closest support many families and firms have when it comes to advice, which means we are always ready and on hand to support our clients with honest, impartial and comprehensive debt relief and management options https://www.responsibletaxes.org/debt-management/ which will genuinely benefit them.
While there are positive and negative sides to IVA debt help, it can be a much-needed source of assistance for those debtors who may find themselves struggling to keep up with certain demands.
This type of debt relief will require you to stay registered for a certain period of time while you agree to pay off debt on a monthly basis – as set up with your creditors – and you must also understand that assets and even additional income may be requested to be taken into account during your application, and during the ongoing process.
It is therefore a good idea to discuss any and all options available to you with an experienced debt advisor before you make any concrete decisions – and we are here to be the debt advisory service you can depend upon.
Many people will ask us ‘how long does an IVA last’ – and the answer is, generally, up to five years – and often this length regardless of how much is due. It is worth bearing in mind, again, that any defaults on payments due from you and any additional debt accrued (up to £500) during this time may extend the length of the IVA period altogether.
It’s therefore worthwhile considering how long you wish to be clearing your debts off for. As a fairly lengthy process in comparison to shorter options available such as debt relief orders (https://www.responsibletaxes.org/debt-relief-order/), an IVA is largely recommended for larger debt which requires more time for arrangements to be made. For many people, it is a worthwhile option to take – regardless of the length of time it can take to be fully exhausted.
What is an IVA, in short? An individual voluntary arrangement is a binding agreement you make with your creditors to ensure that you are able to pay off any debts you owe within a reasonable amount of time – though these arrangements can last five years, and may be extended.
For many people, it is a viable way to help budget for debt repayments and to relieve debt action and stress.
If an individual voluntary arrangement is a viable option to help relieve you of debt and stress, we will always recommend it to you as your nearby financial experts – contact us today using the contact form to start setting up your consultation with us – and let us find you the most practical options available to help you repay your debts without any stress involved.