In such a situation, the most effective option before millions of Britons is the IVA. The IVA (Individual Voluntary Arrangement) procedures were first recommended by the government under the Insolvency Act 1986. This act was put in place as an alternative to bankruptcy. The legally binding procedures in this agreement are designed to help people when debt spirals. If the outstanding became out of control and enables an individual to put forward a deal (the proposal) to the people it owes money to (lenders).The purpose of this agreement is to demonstrate to lenders that they would be placed at the better end if they accepted an individuals IVA proposal, in comparison to the individual being made bankrupt or countered in the county court.
The will see a creditor / lender agree to write off a proportion of the debt owed to them. This proportion can be as much as 75%. In return the borrower agrees to pay a fixed proportion of their monthly income towards the repayment of the debt for a time period of five years. Although the IVA loans procedure is much simpler and easier than bankruptcy, they should not be considered an easy option. There may be some cases where bankruptcy might be a more suitable option. An Individual Voluntary Arrangement is a legally binding procedure. This agreement needs to be legally approved and supervised by a licensed Insolvency Practitioner only.
For IVA loans you have to simply complete the lender's no obligation inquiry form to get free professional and impartial advice from a licensed Insolvency Practitioner. In this way you can be sure that you have all the facts and are choosing the best . Once in force,, your existing lenders cannot bring any action against you as long as you comply with the IVA. Your lenders will no longer be able to chase you for payment, so the letters and unwanted phone calls will stop. You will also be able to have a bank account as long as it does not have an overdraft facility.
Up to 70% of your debt could be ‘written off’ through the IVA and the IVA loans will make your life easier in this period. No more interest or charges will be added even if you have taken the bad credit payday loans. With this agreement you will make a single monthly payment for a period of 5 years based on what you can realistically afford. In this way you can also restore your peace of mind.
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