Considering an IVA?
Prior to considering of an IVA one must look at its suitability in line with one's objectives.
An IVA can be constructed in many ways and therefore one must seek such information from the Insolvency Advisor
An IVA is an Individual Voluntary Arrangement between debtor and creditor and once formulised, binds both the creditors and debtors alike.
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The 1986 Insolvency Act was designed to allow the debtor and creditor to resolve their differences. The spirit of the Act is that the debtor be forthcoming with all material information surrounding their financial affairs which will allow the creditors to accept of decline a lesser amount of the outstanding debts normally over a 60 month period.
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The Advisor
Our partners are only too willing to advise you on mortgage products, be it;
re-mortgage or difficulties
All are CMAP qualified
and FSA regulated.
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There have been modifications to the 1986 Act, however many debtors today see this as a way forward as resolving their debts.
An IVA binds both debtor and creditor alike once an agreement has been reached resulting in any outstanding debt after the specified period being written off.
An IVA is not suitable for all but is a useful tool bearing in mind one's circumstances will have to be evaluated before any recommendation of what route one might take.
An IVA can help when one cannot fulfill their financial obligations to creditors as any agreement will be based on income and expenditure of the home.
The cost of an IVA is normally built within the IVA through the contributions of the debtor, however there could be additional costs if one wishes to apply for an Interim Order or other to allow a proposal to be prepared and presented to the creditors for consideration.
Why not Post a Question to our Workshop?
An IVA is normally overseen by an Insolvency Practitioner.
Beware of hidden problems.