What you need to know about the individual voluntary arrangement
The individual voluntary arrangement has really gone a long way in helping people to come out of near-impossible financial situations that their debt has placed them. It has really helped in restoring hope where all hope seemed gone. This is one thing that the government has really thought out right and implemented for the benefit of the people. And as such, one can commend the government for the debt handling financial policy that was passed into law. Insolvency is a common phenomenon in the United Kingdom and in some other regions where this policy was implemented. And so therefore in the bid to help people know that all hope is not lost, this scheme was introduced. It is a long time span debt handling strategy.
The government believes that any serious person if given the right period of time would love to settle his or her debt. But then their duration the bank gives for a loan to be paid back is often short. And failure to pay within this period is a platform for bankruptcy. But with the iva debt handling scheme, you will get as much as 5years to settle a debt with the bank. It is easier and more convenient to handle debt this way. For any serious person, this duration is more than enough for you to do whatsoever you want to do and get out of such financial mess. Even with the aid of the financial expert, your personal insolvency practitioner, you will be able to plan your finances well and settle the debt without breaking a sweat.
Regardless of how complicated you think your case may be, these insolvency practitioners have handed similar or even tougher cases. So you have little or nothing to worry about. The iva scheme has helped many and your case won't be an exception. With hard work and determination, you can float your financial boat again. The flexibility of this scheme makes it a very comfortable scheme to subscribe to. The mode of payment is not just imposed on you. There are quite a number of factors that are put into consideration before you are told the amount you are expected to contribute monthly in other to service the debt.
A majority of these factors are dependent on the value of various indices picked from your current financial state. So your income is looked at, and also what you need personally in other to live a normal standard life. After considering these and a few other things, what is left afterward is what you are asked to contribute monthly in other to service the loan. You can visit iva debt platform to learn more about this scheme. And you will fully understand some of the other conditions you need to satisfy in other to qualify for the scheme.
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