Wouldn’t it be fantastic if you could do away with your debts and even get legal protection throughout?
IVA Manchester offers you the best way out by taking away the hassles from unsecured debt management. So, what is Individual Voluntary Arrangement (IVA)? It is an agreement legally binding in every way between your creditors on you! In this kind of arrangement, you are expected to pay whatever money you could afford keeping aside the basic living expenses. In general, such kind of agreement lasts for about FIVE years. Is IVA for everybody? No, you can opt for such voluntary agreement only when you have unsecured debts above £8K besides having a disposable income of £80+ on a monthly basis.
How this Works?
When you want to go for individual voluntary arrangement, it is important to declare all your unsecured debts. Payments are calculated before setup of the arrangement, followed by regular annual reviews of the same. Law dictates that once you go for IVA all the charges and interests related to your unsecured debts become 0% automatically. Also, your creditors will now be barred from seeking additional payments from you, provided you keep on paying up in accordance to your IVA setup.
Finally, once you have completed your IVA period successfully, any remaining unsecured debt will be written off automatically without further ado.
What are the Benefits?
A number of benefits associated with Individual Voluntary Arrangement make it a feasible agreement for individuals burdened with high, unsecured debts. Here below are some main advantages of going for this agreement.
- You become debt free in the post IVA phase
- You have frozen debts during the IVA phase
- Single affordable monthly payments
- You can keep your home & job secure
- No need to attend court or meet anyone
Irrespective of the number of creditors, it now becomes possible to consolidate all your unsecured debt and transform it into an affordable monthly payment scheme. Isn’t this fantastic! IVA Manchester is bringing a ray of hope in the life of thousands of people, don’t you want to become one of them!