Individual Voluntary Arrangement - Pay Your Debts Without Selling Your Assets
Posted by oliverwatson on June 5th, 2017
There are several thousand residents around the world who become overwhelmed by debt each year and one of the biggest contributing factors, in this case, is the use of credit cards, store cards, and similar forms of credit. Unfortunately, in this age, we have to live on credit because it feels like the most basic standard of living requires us to spend more than we have at our immediate disposal. Sometimes trying to pay back that credit gets too much if the size of the debt is allowed to escalate too far.
There are some debtors who catch the situation early enough before it becomes too serious. Also, there are people who do not catch it in time and the situation gets to the point where it is simply impossible to repay the debts they have out of their available income within a reasonable time frame. If you are also burdened with a load of debt then before giving up completely and filing for bankruptcy you should try an individual voluntary arrangement (IVA) UK, as this allows you to write off a large part of your debts and just repay a portion of them.
An IVA is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors. It has to be approved by the court and your creditors have to stick to them. An IVA can give you more control of your assets than bankruptcy. Some of the advantages of opting for IVA are as follows.
* A debtor is permitted to repay the amount in affordable monthly installments, based what he can reasonable pay after essential expenses are taken into account.
* IVA is a legally binding agreement, therefore, once it has begun, no creditor can chase the debtor for outstanding money. This way one can get rid of unwanted phone calls and visits.
* Unlike bankruptcy, in IVA the individual should not have to sell their home.
* You will be free of debt in a set of time. In an agreed number of years, you will be debt free and able to get on with your life.
* The contractual interest and charges on your unsecured debt will be frozen, so you can get on with making payments.
An individual voluntary arrangement is always a better choice because through this you will have an arrangement with your creditors regarding making affordable monthly repayments. This will be much better for your situation and help in your financial capabilities and still be living in a quite good living standard.
Author’s Bio: Author is an online blogger. This article is about individual voluntary arrangement.
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