IVA Chance of Finally Getting Out Of Debt
By AdFeatures | Tuesday, September 18, 2012, 07:11
Bogged down in debt and can see no way out? Desperately looking for help? Then you should consider seeking some advice from harringtonbrooks.co.uk. They are specialists in debt management and can offer you a range of services to help with your debt issues.
There are not many things worse in life than being in debt and not being able to see a way to be able to pay it off. The stress associated with debt can literally have you feeling depressed and trapped, simply not knowing what to do.
Whether you are having difficulty paying off a credit card, a mortgage or simply a loan, debt can overrun us and before long it can seem insurmountable. This is when you really need to start speaking to a debt management company such as harringtonbrooks.co.uk.
What can a Debt Management Company Offer You?
A debt management company such as harringtonbrooks.co.uk can offer you advice and a range of services to help you get you out of the position you find yourself in, they offer debt management plans or can help you to set up an IVA (Individual Voluntary Arrangement).
Harringtonbrooks.co.uk can also help you by offering advice on bankruptcy, whilst also making sure you are fully aware of any state benefits that you are eligible for. You would be surprised how many people are not claiming what they qualify for.
What is an IVA?
An IVA is the modern equivalent to bankruptcy in many ways, and is a contract that has been agreed between the person or persons in debt and the creditors. This contract is legally binding and will generally last for around 5 years, where at the end of the contract the debtor will be free of any debt to the creditor.
Within the contract will be an agreed monthly repayment, these are fixed and are calculated on how much disposable income the debtor has each month. The benefit of these is that the debts are spread out over a longer period, which then enables cheaper monthly repayments.
So in essence, instead of being chased for the whole amount now, they are agreeing to let you pay back what you owe over a period of time. This is legally binding though so if you do not comply, you stand to be in a lot of trouble in the courts.
How to get an IVA
You would need to acquire the help of a debt management company such as harringtonbrooks.co.uk; they will be able to put together the IVA proposal to the courts. All of the creditors will then be notified of this application and a meeting will be arranged, during this meeting the creditors will vote on whether to allow this proposal to go ahead. An IVA would need at least 75% of the creditors to agree for it to be accepted.
Harringtonbrooks.co.uk are a highly reputable debt management company that can put this process into action, though they will explore other avenues first to see if there are any other alternatives for your situation.