Impartial IVA debt advice could make your debt problems a whole lot easier by Debt Advice Trust

Have you heard of IVAs? Individual Voluntary Arrangements? Plenty of people have. More and more people with debt worries are now seeking IVA advice and they are becoming an increasingly popular alternative to bankruptcy. IVAs were introduced in 1996 as legally binding agreements between creditors and debtors that freeze the debt. The latest financial figures reveal that in the final quarter of 2009 there were over 13,000 Individual Voluntary Arrangements (IVAs) in England and Wales †a rise of over 25% on the same period in 2008.

IVA help comes in a number of forms and it’s important that you take proper independent and expert IVA advice to guide you throughout your decision making. On the plus side an IVA offers you greater control over how your assets are dealt with and how payments to creditors are made. There is even the possibility that with creditor permission you can retain certain assets (for example your home). You will also avoid the restrictions that apply to bankruptcy. The costs of an IVA debt management are likely to be lower than those associated with full-blown bankruptcy. On the other hand you will need to flexible in agreeing terms with your creditors, and once set up you must be absolutely committed to meeting the repayment plan. Failure to stick to it would only make a less than ideal situation even worse. You also have to be fully transparent about your debts and assets, otherwise your creditors can still petition for bankruptcy.
Do you qualify for an IVA? The best thing to do, as with all matter concerning debt management, is to seek professional IVA help. With the right sort of input you will quickly be able to establish whether an IVA is a viable option. In general, if you have debt in excess of 15k, haven’t applied for one in the previous 12 months, have sponsors prepared to help pay or contribute towards paying your debts and you have an income that enables you to pay regular sums to creditors then you then Individual Voluntary Arrangements might well be just what the doctor ordered.
Don’t delay though. IVA debt management as with all other forms of debt management becomes progressively harder (and more expensive) the longer you leave it. Seek proper professional help today.

The Debt Advice Trust has been created to help people in serious debt get good, honest, impartial advice. It is an organisation having debt management specialist providing debt iva advice and IVA remortgage help.

Article Source: http://www.earticlesonline.com/Article/Impartial-IVA-debt-advice-could-make-your-debt-problems-a-whole-lot-easier/890644

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