Benefits of hiring an insolvency practitioner

Posted by Nabin Shaw on November 30th, 2018

An individual voluntary arrangement is a formal and legally binding agreement between you and your creditors to pay back your debts over a period of time.  This is an agreement between the debtors and the creditors.   There are many things that you should have to take in consideration before taking it. An IVA can be flexible. There is no upfront cost with an IVA. You will be completely free within the Five years. You can take a plan according to your needs.

 Things to consider before taking an IVA:

  • you have at least two part debts
  • you have debts that add up to more than ,000
  • You have at slightest two different creditors. Creditors are people you owe money to
  • you don't want to have to deal with your creditors straight
  • you have enough money spare every month to make IVA payments –

 Benefits’ of IVA:

  • It is legally binding. This means all creditors have to attach to it and they can't chase you for the debt once the IVA is in force
  • an IVA is time partial and you only have to repay for the period of the IVA - usually five years
  • creditors will usually accept that only part of the debts will be repaid - the rest is written off

Criteria for the qualification of an IVA

There is no official strategy to who qualifies for an IVA with IVA Advice; it is a Government legislation designed to help all people. Generally speaking, insolvency practitioners will look at your situation if they think the IVA suggestion they submit is beneficial to both yourself and your creditors.  You will be given the best advice from an Insolvency Practitioner.

 How to apply for an IVA?

 There is a simple process for the application of IVA online you just simply have to

  • Use the IVA Calculator to check your eligibility
  • Prepare your IVA proposal and apply for your IVA.
  • When your IVA is accepted, your creditors can no longer contact you. Pay 60 low monthly payments.
  • After 5 years, you are out of your IVA and completely debt free.

 After following these easy steps you will be able to get the help of insolvency practitioners.

Proof you need for an IVA:

 There are some important things that you should have to take before Applying for an IVA.

  • Proof of ID – Passport/driving license/birth certificate/utility bills
  • Bank statements – 3 months bank statements with all transactions displayed
  • Proof of income – 3 months pay slips/P60/proof of benefits

 These are the things that you should have to show to the insolvency practitioner. Then you are ready to go to get the services from them. They will make sure that you will be given the best services from them. Hiring an IVA for your insolvency and bankruptcy is not as much difficult.  You will be able to take the help of an insolvency practitioner from the online website or on phone call.

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Nabin Shaw

About the Author

Nabin Shaw
Joined: May 7th, 2018
Articles Posted: 225

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