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Getting Debt Relief With an IVA Company

Looking for debt relief with an IVA company?

Everyone wants to be able to meet their monthly payments. Unfortunately, in the current economy, this is not always possible. An IVA or Individual Voluntary Arrangement may provide you with an alternative to bankruptcy or debtor’s court. IVA companies are a special group of consultants who understand debtors and creditors. These consultants review debtors’ financial backgrounds and propose agreements to the creditors. If the creditors accept the agreement, then your monthly payments are reduced to one agreed payment.

How do I get started?

Getting started is simple. The IVA Company will provide a standard application which lists your creditors and the loans they have granted. The IVA representative or Insolvency Practitioner will need the standard application and recent bank statements to get started.

Can my debtors sue me during the IVA process?

No. The IVA Company will issue an “Interim Order” with all of your creditors. This “Interim Order” will protect you from your creditors until the IVA process can be completed.

What does the IVA Company do for me?

If the IVA Company believes they can help, they will contact your creditors on your behalf and act as your legal representative. They will file all of the interim orders necessary to protect you. They will then prepare a Nominees Report and a plan to repay your debts, based on your disposable income. They will then organize a meeting of you creditors to vote on the agreement.

What happens if my IVA is approved?

If the IVA is approved, the IP will collect the agreed monthly payment and distribute the money to your creditors. This will continue for a period of 5 years. At the end of the five year period, the creditors will consider your debt invalid. They will never again be able to pursue payment of the debt in the IVA.

Does an IVA affect my credit?

Yes. For the next 5 years, you will not be able to apply for additional credit cards or loans. However, once the IVA is completed and paid as agreed, your credit will return to its original state as if nothing ever happened.

Debt-Managing.com helps people find the right debt managing company for them so that they can reduce their monthly payments.

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