There are many reasons why you might be in debt: general overspending, unforeseen expenditure or personal tragedy. You will know best what your personal circumstances are, so I don’t want them to take focus at this post. This post shall concentrate on one of the options you have when you are in serious debt, IVAs.
An IVA, short for Individual Voluntary Arrangement, is a fixed repayment plan that is designed to help people in serious debt repay their creditors reduced payments and at the same time protect themselves and their possessions from bankruptcy.
http://irinakirilenko.com/?deribaska=unterschied-bin%C3%A4re-optionen-und-optionen&b46=af unterschied binäre optionen und optionen If you are looking for IVA advice or simply want to do bit of research into all the options that are available for people looking to clear their debt, then I hope these 10 must-know facts will help you find out, if an IVA is something that could help you get your finances back under control.
- An IVA is an alternative to bankruptcy and can help you clear your debt without losing all your possessions.
- An IVA is a contract between you and your creditors that agrees on an affordable monthly payment plan/ or a one-off payment to clear your debt.
- Once creditors have agreed on a payment plan, they cannot change your repayment rates.
- You won’t be charged any additional interest on your debt.
- An IVA has an adverse impact on your credit rating.
- You need to owe at least £10.000 to qualify for an IVA, but there is no upper limit.
- IVAs only cover unsecured debts, so you won’t be able to clear debt caused by a mortgage and other loans secured on your property as well as rent, council tax arrears, magistrate’s court fines, speeding or parking tickets, maintenance or Child Support Agency arrears.
- Non-essential assets such as ISAs or saving plans may have to be put towards your repayment.
- IVAs are available for people living in England, Wales and Northern Ireland. In Scotland the IVA is called Scottish Protected Trust Deed.
- IVAs are made public on the Insolvency Service website, which means that family and friends could find out about your debt.
interviste casalinghe che investano opzioni binario Disclosure: This is a featured post and although I did my best researching IVAs for you, I would advice speaking to a financial expert about the best options to clear your personal debt.