IVA free advice is a plan which makes the borrowers debt free. It has been designed by the insolvency act 1986 to avoid bankruptcy. This is a contract signed between the borrower and the lenders to free the borrower of the previous debts. This contract stops any further action of the lenders on the borrowers.
The IVA free advice has many advantages. The interest on the loans is frozen which means the borrower is saved from paying them. Any legal actions against the borrower will need the court permission. The lenders cannot call you or disturb you anymore. As the borrower is surrendered the overall debt amount is reduced.
IVA free advice is planned for 5 years generally. So it is important to think properly before taking any decision. You should choose an organization which should be professional and independent. Getting unbiased advice is necessary to make a right decision.
You must have debt of atleast £15000 which should be owed to 3-4 lenders. These are the criteria to avail the services of the IVA free advice. When you sign contract of IVA free advice with an organization, they negotiate with your lenders on your behalf. It will become their responsibility to clear your debts within the decided time period.
When you are searching for the free IVA advice you may find some companies who would want you to sign the contract even if you do not need it. There are some companies who are not specialized in these advices. So it is better to research a little bit.
The IVA advice happens to be impartial and considers the lenders and borrowers perspectives when deciding on any matter. Regulations and licensing should be taken care. It is imperative to see that The IVA advisors are experienced and the organization must have experienced professionals.
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