Being in debt is no joke, you find you spend hours each day thinking about what you owe and worrying about how you can make your next payment on your credit cards, loans, store cards and so on. If you have thought about ways to solve your debt problems you may have heard of IVA debt solutions – so what are they? Here is a brief rundown on what to expect from an IVA-
* IVAs must be set up by an Insolvency Practitioner who is licensed to set up such arrangements, and they will give you all the information on IVA debt solutions that you require.
* When you set up your IVA your Insolvency Practitioner will speak to your creditors and make a formal proposal which will settle your debts to them. You’ll be expected to provide information relating to all your outstanding debts and your income and outgoings each month in order for a monthly repayment figure to be calculated. This will be based on your monthly disposable income and it will be much more affordable than your previous repayments.
* When it is agreed you will then start making payments towards your IVA. The company that you have your IVA with will then make monthly payments to creditors – usually for around five years. During this time debt charges and any interested usually frozen and your creditors are not able to make any formal demands to you.
* The soon as you make your final payment to your IVA company the remainder of your debt will be written off, and it can be up to 65% of your total debt, according to your circumstances. As you can see IVA debt solutions can be straightforward and hassle free way of negotiating lower payments with your creditors to resolve your outstanding debt problems.
Roger Fedrick is associated with Advise On Debt Consolidation. He is Masters in Business Administration and writes on various finance related topics. To find debt consolidation, debt management consultants, debt problems, debt advice, debt consolidation loan, credit card debt consolidation visit on http://www.freedebtadvisor.co.uk or Contact me on following sites.
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