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IVA Insolvency Help And Advice

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Using An IVA For Insolvency

An Individual Voluntary Arrangement is an agreement that is formal and binding that is made between your creditors and yourself. An arrangement is made where you agree to pay back a portion of what is owed to your creditors. You will pay back a percentage of what is owed over a five year period. After the five years your debt to the creditors will be settled in full. This debt solution is only available in the UK.

How an IVA Works

You will need to have an IVA insolvency practitioner who is licenced work with you on your Individual Voluntary Arrangement. He or she will sit down with you and get your financial information. A plan will be made up to repay the debt that you have. This is based on the information that you give to your insolvency practitioner, who will then draw up a proposal. You should check this over carefully and then sign it.

Next an application for an Interim Order is placed with the courts. Your creditors can no longer bother you once this application has been filed. They cannot take any legal action against you at this point. Then a meeting is set up with the creditors. This is a meeting you should attend.

Your creditors will take a vote on the Individual Voluntary Arrangement. Representatives for at least 75% of the money owed must vote yes for the IVA to be accepted. If less than 75% vote yes then the Individual Voluntary Arrangement will not pass. If certain creditors do not vote it is assumed that they are voting in favour of the arrangement. This is a legally binding arrangement and all creditors and you must stick to the arrangement that is set up by the IVA insolvency practitioner. This means no more phone calls or lawsuits.

After an IVA is Accepted

The insolvency practitioner will see to it that everyone adheres to the Individual Voluntary Arrangement. He will become the supervisor of the arrangement and will monitor the process. You will pay the insolvency practitioner, or IVA company that they work for, and they in turn will pay the creditors the agreed upon amount due each of them. You will make one monthly payment that is then divided amongst the creditors. It is very important to see to it that all payments are made. Failing to make the payments each month will result in the Individual Voluntary Arrangement failing. This is not good for anyone involved, as you could then still become bankrupt.

You will usually make payments for about five years. At the end of the five years you will be considered debt free even though you did not pay off all of the debt. This gives you a chance at a financial fresh start.

If by chance you own a home or other property you may be expected to use the equity from that property to pay your creditors. You will have to try to refinance in order to do this. The money you get from the equity will be used by the IVA company to pay down the bills you have. Endowment policies that are linked to your mortgage can be used the same way. Although you may not like this it may be the only way to get an Individual Voluntary Arrangement approved by the creditors that you have.

Sometimes things happen beyond your control and you cannot make the payments that are set up. The only thing left to do would be to go bankrupt. You want to make the IVA payments, but if you lose your job and are unable to pay anymore, bankruptcy is a way out. Bankruptcy will make it nearly impossible to buy anything on credit for a very long time. It can affect your chances of getting a home or keeping certain jobs. You cannot serve in the military or on the police force once you have filed bankruptcy. You will not be able to hold public office.

An IVA affects your credit negatively but not nearly as long as a bankruptcy. You will have poor credit for about five years with an Individual Voluntary Arrangement while a bankruptcy will last up to ten years on your credit. If you are deep in debt and don’t know where to turn try talking with an IVA insolvency practitioner and get out of debt once and for all.

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.