subject: Iva Debt Solution: Amicable Solution To Multiple Debt Issues [print this page] Multiple debts are of major concern for both the debtors and creditors alike. However, resolving the issues of debts and settling the same does not seem to be a feasible. Moreover, where is the fund available to take care of the multiple debts? At a time, when you are bogged down with an impending financial crisis, in order to overcome the odds, the best thing you can do is go for IVA debt solution.
It can be said that IVA debt is a feasible option, which has been designed to assist you fix your multiple debt issues, on the basis of your prevailing circumstances. IVA or individual voluntary arrangement is basically a legally bound contract in between a creditor and a debtor. As a matter of fact, the contract is handled by an insolvency practitioner, who is responsible for the entire proceedings. Moreover, it is the IVA practitioner, who makes the necessary arrangements, by making a detailed analysis of your prevailing circumstances and then making a valid proposal on the same. It is in this proposal that you will learn about the various ways to resolve the matter of debts.
Usually, under this agreement, you are not asked to repay the entire debt, as some amount is written off. In fact, you are required only to pay 75% of the total amount, over fixed repayment duration of 5 years. The interest rate levied is same, as that you had availed the loans. Once the repayment tenure gets over, then you can certainly make a fresh beginning.
However, in order to be eligible for this beneficial program, it is important that your outstanding debt should be more than 15000. Moreover, the debts should be unsecured in nature and that you must be a permanent resident of UK.
Even before going for IVA debt solution, it is really important that you must be particular about what you are looking for. IN this context, you need to undertake a detailed research, so as to get access to some of the best lucrative options.
by: Fabian Bishop
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