Economics Finance

If you are caught up in a bad debt maze and are looking out for ways to get rid of them there are couple of alternatives from filing bankruptcy. IVA is an alternative to bankruptcy filing and helps those who are in bad debt problems. If you are unable to meet your multiple loan payments, credit cards bills and are being harassed by the creditor’s collection calls then you must consider IVA.

IVA is an individual voluntary arrangement used as a financial solution to allay debts. It helps those who owe money, repay a percentage of their loan amount to their respective lenders and credit card company. This will be paid up to 5 years and any amount left after that will be nullified. In other words your pending debt after five years will be considered as settled debt. This Individual voluntary arrangement is signed in front of a licensed insolvency practitioner (IP) and the parties involved are borrower and lender. It is a formal agreement signed by both the consenting parties.

It helps to manage your debts wisely and systematically. You need not face any public embarrassment as there is nothing published in the newspaper about your debts unlike bankruptcy filing. You can still apply for another loan despite of facing an IVA. This is a distant reality in case of a bankruptcy filing, no lender will risk his loan amount. It is the most achievable and most affordable way of getting rid of debts. This agreement between the two parties, creditors and debtors will be kept confidential and private only to the parties. Continue reading ‘Individual Voluntary Arrangement Or Iva Settlement Guide!’ »

IVA Solutions is your answer to getting out of debt permanently and quickly.

In this article I will explain and give you 4 major reasons why an IVA could possible be the best solution for you to wipe all your debts off in 60 months or less.

1) IVA could wipe up to 75% of your Debt

IVA is short for Individual Voluntary Agreement; it is a government scheme which allows people who are struggling with paying off there creditors to re-arrange privately through a insolvency practitioner a amount of money which they can afford to pay off; the rest of the debt will be wipe off after 60 months.

For example using my own scenario I had £29,000 of debt and its calculated I would pay around £15,000 off my debt by the end of the 60 months and the £14,000 would be wipe off, and then my slate is clean.

The variation between how much is wipe off is determine by your personnel circumstances, I know a few people who had up to 70& to 75% of the debt wipe off and had double the amount of debt than I.

2)IVA is a private matter unlike Bankruptcy

IVA is a real solution to paying off your debt unlike bankruptcy, where it is more to do with avoiding paying your debts off.

Now IVA as I said is a private matter between you and your creditor and once you agree on a amount you can afford to pay monthly well that’s it, until you pay you last 60 month payment and then you can rebuild your credit score.

With bankruptcy, you name will be highlighted in the local papers, there is social stigma attach to being bankrupt plus you will not be allowed to do certain jobs like being a company director. Continue reading ‘How to Get Out of Debt Fast With a IVA’ »

As an individual, you will need to get an administration order when your creditors are threatening to take legal action against you, or when there is a county court judgment against you. At least two creditors are threatening legal action against you or your debts do not exceed five thousand pounds.

If you are in debt and your creditors are harassing you for repayment, you can get legal counsel to help you negotiate a repayment scheme with your creditors. You can also apply for IVA to your local county court. Alternatively, you can apply for an administration-order. It is better to apply for an administration-order than getting threats from your creditors. Why face the embarrassment in front of your family or your colleagues from your creditors.

You can apply for an administration-order by applying to a county court. You are required to fill a court form (N92), which is obtainable from your local court office. You need to list all your debts, which should not exceed five thousand pounds. Each individual has to file separate forms. In case a couple has a joint debt, it has to be divided and separate forms need to be filed. Continue reading ‘How Bad Does it Have to Get to Need an Administration Order?’ »