IVA- an option to bankruptcy

IVA or Individual Voluntary Arrangement is a government accepted scheme that helps many people to keep away from bankruptcy. This is a legal contact between you and your creditors where you sign an agreement with all the people you owe money to and agree to make one monthly affordable repayment to all your creditors who accept the amount in settlement of the money you owe from them. Through this you can repay almost 75% of your debts and become a debt free after 5 years. With the help of an IVA one can easily have a stress free new start.

The cost of setting up and running an IVA are paid by two sets of fees that is the Nominees fee and the Supervisors fees. Nominees fee is around £1,500 plus VAT charges and Supervisors fee costs around £50 per month. This cost is generally included under the IVA monthly repayment made by the debtor. This monthly amount covers the payment of your creditor, the cost and fees of an IVA programme. One must also note that if they fail to repay the installment or change their mind, they need not have to pay more cost for this work.

IVA helps anyone who is going through arrears problems. It is mostly helpful for those who own property which they would lose if they were bankrupt. But before taking any IVA plan one ought to know each and every detail. In such situation, lenders help people in understanding each aspect of Individual Voluntary Arrangements and its working. Lenders assist the borrowers in deciding where to enter an IVA and if it is beneficial or not.

IVAs are intended to be a money owing solution for people who are working and who have debts over £15,000 with three or more creditors.  But each individual IVA case is different, and your eligibility can only be confirmed by speaking with an IVA specialist.

Individual Voluntary Arrangement is a government approved scheme that helps a lot of people in need to keep away from economic failure. There are many lenders who are active in the field of IVA and offer their services for the people of UK in need for an IVA.