Christian Debt Recovery

Archive for May, 2009

Debt Free Direct Iva

May 30th, 2009 |

Author: Gavin

Is an IVA right for you?

Are you reeling under a huge financial debt? If you are a UK resident, then IVA (Individual Voluntary Agreement) is the perfect financial solution for all your worries. IVA was introduced by the UK government in the year 1986. Initially, it was meant for the small business owners who were unable to handle their debts. But with the changing times, it has been modified to include even an average earner.

A perfect alternative to Bankruptcy

IVA is an ideal debt solution as compared to bankruptcy that stays on your credit report for a period of ten years. During this period, you will not be able to avail any loan from the lender for any purpose. An IVA agreement legally terminates any harassment that your may be facing from your creditors.

There is no risk of losing assets and you get an added benefit of paying just one monthly installment at much lower rate of interest.

How an IVA actually works

You will have to seek the help of an IVA debt advisor who will study your financial situation and then draft a suitable proposal for you. This proposal will be presented to your creditors. If 75 % of your creditors agree to your IVA proposal, the rest of the 75 % will have to follow suit.

After the agreement is signed between you and your creditors, they will not be able to contact you directly for a purpose and will have to communicate through the Insolvency Practitioner that made your IVA proposal. You will have to pay a low monthly installment for a period of five years at the end of which all your remaining debt will be written off and you will become totally debt free.

As compared to the bankruptcy, an IVA is a legal agreement between you and your lenders and nobody else knows about your financial circumstances. Aside from this, there is no danger of losing your job with an individual voluntary agreement as in case of bankruptcy, you can even lose your job.

You should search for an able debt advisor who can assist you in drafting a suitable proposal that can be accepted by your lenders without any hassles. There are many advisors who maintain their presence on the internet and you can get in touch with them immediately to take first step towards your financial freedom.

About the Author

DebtFreeDirect provides IVA (Individual Voluntary Agreement) , Debt Management Plans and other debt solutions to help you in managing your debts. Please visit the website http://www.debtfreedirect.co.uk/ or contact DebtFreeDirect at 0800 954 5586 for further advice and help.