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Best IVA Debt Help in UK

Payments are more affordable and are made over a period of five to six years. Homeowners often get to keep their homes. This is while they maintain mortgage payments and any loans over properties, which are unsecured.<br><br>Visit here: https://pennysolvers.co.uk/iva/

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Best IVA Debt Help in UK

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  1. IVA Debt Help An IVA- Individual Voluntary Agreement is a formal agreement between you and your creditors that allows you to make affordable monthly payments towards your debts, over a fixed period of time. The period for making payments is usually five or six years. You can also make a lump sum payment, known as lump sum IVA. At the end of your IVA, any unsecured debts are written off. An IVA is set up by an insolvency practitioner who sets up a proposal and deals with your creditors. Since, it’s a legally binding agreement so once your IVA has been signed neither your creditors, nor you can take your step back.

  2. Key Features of an IVA An insolvency practitioner will act as nominee and put forward a proposal before your creditors on your behalf. The process also involves negotiation with the creditors on your behalf to agree for an affordable payment. For the approval of an IVA, a minimum 75% of creditors must vote in favor of the IVA. Once your IVA is approved, it becomes legally binding and your creditors cannot take any further action against you until the completion of your IVA. You will only have to make monthly payments. The fees for setting up and managing your IVA are included in monthly payments. IVA usually lasts for a period of 5 years or 60 months. You may have to release equity to pay towards your IVA if you’re a homeowner. In case you fail to do so, your IVA shall further be extended to 6 years. An IVA is only available for the residents of England, Northern Ireland or Wales.

  3. What are the advantages of an IVA? You get an opportunity to write off up to 80% of your debts, so you can get out of debt faster. You just have to make single affordable payments every month. There is no set up fee that needs to be paid before the approval of the IVA. Onetime payment can also be made towards your IVA that is known as lump sum IVA. Once you’re IVA is completed, you’re unsecured debts will be written off. It will freeze the interests and other charges on your unsecured debts. IVA prohibits your creditors from taking any legal action against you. If you’re a homeowner, you can keep your home as long as you keep making the payments on the mortgage and secured loans.

  4. How can you apply for an IVA? To apply for an IVA, you need to make sure whether it’s the right solution for you or not. To do this, you can have a word with expert advisors. If an IVA is a suitable solution for you, an insolvency practitioner can set up your IVA. While setting up your IVA, an insolvency practitioner may apply for an interim order to stop any legal action against you by the creditors. Insolvency practitioner will access your financial position and draw a proposal for your creditors on your behalf. In your proposal, you shall agree to make payments to your creditors in part or full over a specified time period, which is usually five to six years. Creditor’s meeting will be called by an insolvency practitioner for voting in favor or against your proposal. If 75% of votes are in favor of the IVA, it is accepted and shall become legally binding on all the creditors.

  5. How is an IVA different from Debt Management Plan?

  6. Contact Us OFFICE ADDRESS Kemp House, 160 City Road,London EC1V 2NX, United Kingdom CONTACT INFO +0800 048 9396 reach@pennysolvers.co.uk

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