An IVA free advice is introduced by the Insolvency Act 1986 as an alternative to bankruptcy. By this people facing serious debt problems makes a proposal to their creditors to solve the problem. If the proposal is accepted by majority of the creditors, then all, debtor and creditors are bound under a contract. Under a standard IVA a debtor has to pay an affordable amount each month into a fund over 5 years.
In order to avail IVA free advice you have to meet certain criteria as a debtor. You must have a debt of at least •£15,000 owed to three or more lenders. It is important that you should get best advice when IVA is chosen. Also the organization should be professional and independent. It is very important as when you deal with an IVA, you are bound with an agreement for five years. So you should carefully understand various facts and clauses of the deal before choosing an IVA.
Today you can find out a lot of IVA organization offering very lucrative offers, but you should check them well before opting them. Some of the key points that should be kept in mind before going for any IVA organization are as below:
• The IVA advice you are being offered should be impartial.
• The IVA advice must consider the perspective of both creditors and debtors.
• IVA advice should be compliant with appropriate licensing and regulations.
• Advisers should have IVA and debt management experience.
• All IVA advice and supervision process and systems should be defined and governed by experienced professionals.
• IVA free advice has got great benefits, some of them are
• The interest rate is frozen.
• The overall debt is reduced.
• Legal proceedings are stopped.
Your monthly repayments with your existing lenders will be revised after mutual legal understandings. It works out a monthly repayment in such a way that you can pay your remaining debts in next 5 years.
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