A
better way to settle your debt- IVA
Individual
voluntary agreement (IVA) is one of the best things that has been introduced to
the financial world. With Individual voluntary agreement (IVA), you can be able
to get out of insolvency easier than it used to be. Insolvency is one of the
most traumatizing financial situations one can ever be. With the creditors
calling, sending emails, continuously and threatening with bankruptcy, one
can’t help but be a little bit disturbed psychologically. But with this scheme,
all these burdens are transferred to the insolvency practitioner. You are
answerable to him and he deals with your creditors directly. All the calls and
emails from the bank are sent directly to him.
This
is really the best way to settle your debt. The insolvency practitioner works out
a convenient plan with you on how to service the debt. You will be required to
pay monthly, a particular agreed amount. The monthly payment will be an amount
that will you will be able to pay conveniently. Your financial capability is
first considered before such financial commission is committed to you.
With
his scheme, you can know when you will be debt free completely. A lot of people
have benefited from this scheme, so there is nothing to be skeptical about. It
is a scheme that has government backing. It is not a back door agreement with
the bank. There are quite a number of requirements to meet up to before for you
are qualified for Individual voluntary agreement (IVA) though. But, these
requirements are things anyone can easily meet up with. If you visit an iva
wizard online, you will get to know most of these requirements in details.
But,
some of them will be mentioned here. The first is that, there is a required
minimum debt level, and if your debt level is not up to that amount, you can’t
participate in the scheme. Secondly is that, you need to have a constant source
of income, this source of income is what you will be using to service the loan
monthly. The source is not necessarily a full time employment. It can be a
part-time job, or even constant donations from friend and family. And also, the
last requirement that will be mentioned here is that, not all regions has a law
backing this scheme, so you need to know if Individual voluntary agreement
(IVA) is available in your area. Insolvency is no longer a nightmare like it
used to be for some. You can come out of this situation with rest of mind. And
you might want to ask, what if the creditor doesn’t allow your IVA proposal?
The truth is if you are working with the right insolvency practitioner, he will
structure your proposal such that it will be more attractive than bankruptcy to
your creditor.
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