Arrangement
Rising food and utility costs coupled with all round living expenses mean that many of us struggle when it comes to paying our monthly creditor subsidies. After so long trying to make ends meet something usually has to give, at times that can mean falling behind on payments. If you have debts are beginning to spiral out of control, you should look for information regarding debt and you will find lots available for you to read through. An Individual Voluntary Arrangement (IVA) could be the answer.
Lots of Debt?
If yours is a case where the debt is above £15,000, you should seek out Individual Voluntary Arrangement information, an IVA could help substantially reduce your debt over a five year period. As long as the money you owe is to three or more creditors, you have a regular income and could pledge to make a minimum payment of £200 per month; you fit the criteria of an IVA. For it to be successful it requires that three quarters (75%) of your creditors agree with the terms and conditions. An IVA once set up is paid usually over five years, after the five years has ended if the is any unsecured debt remaining it is classed as settled. An IVA is a legally binding contract which means as long as you keep up with payments you will not be hassled by creditors.
Individual Voluntary Arrangement Information Online
There are numerous places that you can look up information regarding IVA`s from. The Internet is probably the biggest and best place to start. Due to more and more people becoming insolvent and looking towards IVA`s as a way to help them cure their debts many more websites dedicated to providing Information along with help, advice and in many cases providing the capabilities to put an IVA in place for you.
When looking for individual voluntary arrangement information you should find a website that gives step by step guides on what to expect with an IVA. Be sure to look at websites that show both advantages and disadvantages, you don't want a site that gives you only the good parts for example: if you decide to proceed with an IVA and find out that one stays on your credit file for six years and you weren't told this, this could be a major disappointment.
Charities
You can find lots of individual voluntary arrangement information from charity organisations. The Citizens Advice Bureau can provide you with information leaflets containing everything you need to know as-well as face to face consultancies to help you with not just IVA`s but with lots of other debt solutions.
Other charities such as the CCCS and National Debtline can give you any Individual Voluntary Arrangement information you require over the phone. You will find the staff very friendly and that they offer expert qualified advice. They can provide information on all aspects of an IVA from what happens with your home and assets with regards to repossession (under no threat) to Nominee and Supervisor fees.