IVA is your best Alternative option to bankruptcy

IVA or Individual Voluntary Agreements is a legal agreement between you and your creditors. In this agreement, you give a structured repayment program to your creditors. The IVA repayments depends on how much you can actually afford to pay back each month.

Your creditors must accept 75% of the agreement. After it is accepted, IVA protects you from your creditors taking any legal action. Your assets are also protected from being seized by your creditors. You do not have to sell your home but you might need to release available equity from it via a re-mortgage. So, the IVA protects you from having to sell off your property. Your assets will remain intact. However, if you have a valuable asset that is not necessary for you, you might have to replace it with another asset and give the balance of money to your IVA fund. All your personal assets and household contents will be protected in the IVA.

A good start would be using an IVA company that has been suggested to you by a known person. You can take help of internet to find IVA companies which offer this service.

Here are some tips which can help you find which IVA company you are most comfortable with:

You should have a good advisor who has a good knowledge of the IVA process and is able to guide you. You should be able to discuss your financial aspects with him.

Avoid using an IVA company that demands a fee for preparing the paperwork. You can easily find some brilliant IVA companies that do this work for free of cost.

Make sure that the IVA company you are using has carried a complete analysis of your situation. This is because they should understand your true situation in order to advise you which action you should take.

Make sure that your IVA company does not suggest that an IVA is a foregone conclusion.

After you have decided that an IVA is your best option, make sure that you get a money back guarantee.

Finding the most suitable IVA company is very essential. So, you must be sure to find the right one.

To apply for an IVA, you need to comply to the following:

• You must be over £15,000 in debt.
  
• You should have a fixed regular income. If you are self employed, should show that they would be able to pay regular payments.
  
• One should have three or more debts to variety of providers, not from the same bank.
  
• Your disposable income must be over £200 per month.
  
• You should have assets to release.
  
• You must be able to show that you have allowed for necessary monthly living expenses like food, utilities, travel costs, etc.
  
• Your practitioner should complete your 'Nominees Report' which should show whether the IVA is the right offer.

IVA is a formal legal agreement between you and your creditors. This agreement will help you to make an arrangement with people you owe money to. You need to make reduced payments towards the total amount of your debt. An IVA offers a true solution to you.

You can go online to find the various IVA companies. This legal binding agreement that once accepted by your creditors, enable you to clear your unsecured debts completely. But you should not miss any monthly payments.

For more information about loans: Debt Loans , Bridging Finance , IVA- The quick fix solution for being debt free