IVA (Independant Voluntary Agreement)
An IVA or an Independent Voluntary Agreement is a formal agreement between your creditors and you. An Insolvency practitioner will negotiate with all your creditors for them to accept a reduction in the overall amount outstanding on loan or a credit card, which will result in a lower monthly payment. Once agreed, you will pay one single lower payment to the insolvency practitioner who will distribute the monies received to your creditors according to the terms that have been agreed in the IVA. With an IVA, creditors are legally bound to freeze interest charges and cease late payment charges. Creditors also have to deal directly with the insolvency practitioners who will keep you informed of what is going on.
Once the IVA has been successfully completed, any outstanding balance on your loans and credit cards (in many cases up to 75% of the original amount borrowed) must be written off by the creditors leaving you debt free.
If you are interested in investigating this option further please get in contact with us today.
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