IVA UK is a better option for debtors to manage multiple payments. If you are struggling to manage your multiple debts then IVA can be a good option to manage that. It is an alternative to bankruptcy but better in several manners. It offers an opportunity for debtors to regain certainty in financial life by reducing debts and freezing interest payments.
IVA or individual voluntary arrangement is a way to make debt free future. You can avoid bankruptcy by considering IVA as debt repayment solutions. Some remarkable features of IVA process are:
If you have debts over 15000 then it is easy to clear debts with IVA debt repayment process.
In IVA, you will make fixed monthly payments and in some cases a lump sum payment every month.
Once IVA get agreed then all creditors will bind with the plan legal and cannot break the terms
Your creditor cannot take any legal action against you during IVA process
if you are making your payments regularly.
Interest rate and other charges will be frozen once IVA process get started
IVA will not published in newspaper unlike bankruptcy
Your professional status like IFAs, Accountants etc. will not be at risk unlike bankruptcy
Towards the end of IVA process, you may ask to share a part of your equity but will not forced to sell your property however, sharing equity value will not affect monthly payments
Only licensed insolvency practitioner deals with IVA proposals so that the best available financial proposal will be represented in front of your creditors.
Now it is up to you which repayment option is best for you IVA or bankruptcy. Expert advice from debt experts can help to select a better option for repayments as per your financial situation and total debt amount.
For more information visit - http://www.debtconsolidation247.co.uk/