Caught in the trap of multiple debts, bad credit rating and the issues of bankruptcy and insolvency, then the individual voluntary agreements can be the best option for you. As per the Insolvency Act of 1986, the UK government has formed a set of proposals to devise a formal mechanism of making repayments to the creditors through an insolvency practitioner. Mired in the financial pangs of credit mis-management, IVA debt help comes almost without any additional financial burden for the secured creditors. Unsecured creditors on the other hand have to bear a bit of service charges.
The insolvency practitioner arranges a fact-finding and planning meeting to chart out the IVA loans plan. Mostly these agreements are readily accepted by the creditors. Because the creditors are assured of a larger return than in the circumstances of debtor filing for the insolvency. As the number of bad debtors is on the increase in the UK financial market, there are numerous IVA financial organizations in the UK financial market. Their websites specifically mention their plan of action and other conditions. Those who have already filed for bankruptcy, even they can go for an IVA agreement.
An IVA agreement is lesser expensive than a case of outright insolvency or bankruptcy. By going for it, you will no longer be haunted by the creditors' phone calls, threatening e-mails and other types of terrifying communication from their end. Once the creditors agree to the IVA agreement, they can not take any legally punitive action against you. Further, you are not required to give away the property to the creditors. You can use the equity in the property by going for a home loan secured against the property.
No comments:
Post a Comment