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IVA FAQs | IVA facts | IVA is a way to clear personal debt |
IVA FAQS UKAn Individual Voluntary Arrangement (IVA) could help you avoid Bankruptcy. Please call 0800 074 6918 for IVA and debt advice.The IVA or Individual Voluntary Arrangement is a legally binding agreement brokered by an insolvency practitioner between the creditors and the person in debt. The idea of an IVA provide a agreement to give the creditors a better deal than they would receive in bankruptcy. The IVA is fantastic because it allow you to pay back as much as is affordable over a fixed period. IVA advice for beginners:-- The IVA was introduced an an alternative to bankruptcy. If an IVA is agreed then the total amount owed is reduced by up to 75%, all interest is stopped and the creditors can no longer take action in the county courts to recover the debt.
- The IVA is much better than the debt management programmes advertised on TV, radio or the tabloids because an IVA is legally binding.
- The IVA is preferred by both debtors and creditors because the fees are lower than in bankruptcy and in an IVA the creditors receive a higher dividend.
- There are no fees or court hearings with an IVA.
- An IVA offers more money to the creditors than bankruptcy
For IVA advice or discuss the IVA process on please call The IVA Helpline on 0800 074 6918 The Advantages of an IVA are the following:-- The IVA is a very good way of avoiding bankruptcy
- You can still get a mortgage if you are in an IVA
- The IVA a piece of government legislation under the Insolvency Act 1986
- Under an IVA a person can still act as an accountant, solicitor, barrister or JP.
- An IVA can write off up to 80% of your debts
- An IVA is suitable for debts as little as £15,000
- You cab still have a bank account with an IVA.
- You no longer have to pay interest on your debts with an IVA.
To find out more about IVA’s and our other debt solutions contact us today on 0800 074 6918.
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