Writing off Most of Your Debts with the help of an Individual Voluntary Arrangement

Individual Voluntary Arrangement (IVA) is the best debt management tool that has surfaced in recent times. In the well-developed money markets of the West where there is a strong bad credit repair infrastructure, this can prove to be a catalyst for economic growth. It can help convert the entrepreneurial spirit of people into positive foreign exchange inflows as banks will have more capital to lend since paybacks will increase through debt management tools. Non-performing assets will turn into cash-generating assets and IVA can prove to be a boon for the economy.

How does IVA help?

By applying for an IVA, a borrower gets into an arrangement with a debt consolidation company that all his loans be consolidated and converted into one single payment wherein the interest rate is lower and can help him or her restructure their finances better. Owing to recession or job changes, the average monthly inflow of a couple may reduce and then it leads to mental peace for borrowers who can then concentrate on their job or business based on the IVA worked out.

The advantage of an IVA is that your creditors are unable to pursue you for debt collection, once it has been worked out. So, you will effectively put an end to all those pesky phone calls at odd hours and save yourself from a lot of embarrassment. It has been observed that quarrels within a couple’s personal life increase when debts soar and it is only by liquidation of debts that things return to normal. Bad times do see a couple coming closer but debts can take things out of control.

IVA is legally binding

Yes, that’s the most important part of it and the monthly sum payable is given to an insolvency practitioner who distributes the amount amongst all lenders. You are not supposed to pay off all your debts and a certain amount of high-cost debt is written off while the remaining is converted into low cost  debt that is  converted into equated monthly instalments. IVA is also a form of insolvency but the difference is that you will be allowed to retain your house and it will not be confiscated by lending institutions.

IVAPros is one such company who offer sound financial advice based on your individual situation and their services are offered in England and Wales; while those living in Scotland can take advantage of a Trust deed which is quite similar to an IVA.

IVA also takes care of all sorts of late-payment surcharges and interest rates being charged to the account of the borrower who just wants to increase his internal rate of return. Collection agents often try to compensate the loss in one bad asset by levying high charges on borrowers who can be manipulated by threats of summons and county court judgements.

Procedure followed by an insolvency practitioner

Debt management professionals from IVAPlan.CO.UK first try to assess your net worth by taking into account your current income, cash in hand, savings and insurance if any and the liabilities you have. The difference between your liabilities and assets is what needs to be cleared with the help of professionals. These professionals will help cancel the high interest debt by convincing lenders that they are talking to borrowers and having a relook at your overall monetary situation. Once your case is in their hands, you can be pretty sure; you can come out unscathed as long as you can pay your debts on time.

Important things you need to know about an IVA

Failure to make the agreed payments can result in failure of the IVA.  Your credit rating may be harmed for a period of six years and you will not able to take any further credit. If you are a homeowner, then you may be required to release equity from your property. However there are certain advantages as well. Interest rate and charges that are levied remain frozen for a period of five years. You can live with complete peace of mind and maintain your standard of living.  Any kind of legal action or bankruptcy proceedings being initiated against you will be withdrawn.

Application procedure for IVA

The procedure is quite simple and you can apply online. Apprise debt management consultants of your situation by mentioning the loans you have in the form. After receiving your application, the experts at IVAPros will contact you and get all proofs of income and expenditure from you. They will create a file of your documents and it will be referred to insolvency practitioners who in turn will talk to lending institutions and work out a plan for you.

IVA is the best solution if you are struggling with home loans, personal loans, car loans, consumer durable loans and have been finding it hard to shell out so much interest on your loans.  But IVA also comes with certain fees that you would have to bear, but this fee is more like an investment as it helps you save enormous amounts of time, money and energy. You can concentrate on your core line of work, be it business or job, and make more productive use of your time. Debt causes stress and you are more likely to be bogged down with issues related to debt than with your work.

So, it’s best to take the help of professionals and get back on track by taking expert advice in the face of severe monetary challenges and emerge successful, debt-free and unscathed from the whole episode. IVA works perfectly and its usefulness can be testified by many satisfied borrowers in England and Wales.

About IVAPros: Dedicated to solving the financial challenges being faced by its patrons, IVAPros is the brand owned by The Carrington Dean Group that specializes in debt management and consolidation for individuals and institutions. More than 14,000 people have successfully managed to extricate themselves out of chronic debt traps since 2001. Their highly experienced team of insolvency practitioners will help you find the best course of action given your current circumstances. Their differential diagnosis approach has helped their patrons to get the right kind of advice and emerge successful in life. They are registered in Scotland with company registration number SC225672.

How I got out of debt without going directly to bankruptcy

How I got out of debt without going directly to bankruptcy

Life isn’t so easy and if you are struggling with debt, it becomes harsh to survive. Quitting is easy, but to face the heat is the real challenge for a human being. To live a standard living and fulfill our objectives, we look for unsecured loans such as personal loans. Another attractive solution is the credit cards that allow us to purchase goods on credit and pay off the bills in the next billing cycle. But if you are unable to pay the bill, the high interest rates of credit cards turn your initial debt obligations into a financial burden. The burden keeps on increasing if you once fall behind the billing cycle. The late fees charges piles up and increase your debt burden. If you are struggling to meet your financial payments and looking to get rid of them, you can apply for Individual Voluntary Agreement UK.

You have to be a resident of England, Northern Ireland or Wales to be eligible for IVA. It is a simple solution for debtors whose outstanding payments are going out of control. If you are facing serious problems of being unable to pay your creditors, debt solutions can avoid bankruptcy. IVA is a legally binding agreement drafted between the debtor and the creditors agreed on certain terms and conditions. Under this agreement, you have to make a reasonable payment every month for five to six years. The debt arrangement protects you from the creditors as they are unable to take any legal action against you. A situation of bankruptcy is quite ugly and affects your living standard and credit rating for a long time. You have to face a difficult phase where it would be difficult for you to get a bank account, job or any credit. To avoid such a situation, you must approach professional insolvency practitioners who provide you effective advice and solution to get rid of financial burden.

An insolvency practitioner can only help you if disclose every minute financial detail with your insolvency practitioner. He would analyze your current financial status and financial statements to advice the best debt solution. A meeting is arranged between your creditors and the expert insolvency practitioner on a certain date where the practitioner proposes the IVA to the creditors. The agreement would be legally enforced if 75 % or more creditors give their consent to the given terms.

As a debtor, you are liable to pay the agreed payments. Your payments and financial circumstances are reviewed by the insolvency practitioner. If there is any change in your financial status, you should approach your financial practitioner and discuss the changes. If you have honestly made the agreed payments to the creditors, you would be relieved from the remaining debt. The decision about your home and car totally depends upon the amount of financial burden that is on you. If it is extremely necessary, you may have to release your assets to make contributions to the creditors.

What are the unique benefits of IVA?

No fear from the creditors-

The creditors cannot take any action against you if they have voted for the agreement. The interest and charges that keeps on increasing get frozen and would not accumulate to increase your debt.

Avoid the situation of bankruptcy-

Bankruptcy should always be a last resort for the debtor. You can land up into serious problems and grave consequences if you go for bankruptcy. Your credit rating is badly affected for many years that gives you trouble in seeking any loan, insurance, apartments, car or anything that requires a credit check.

If you are thinking of going for an IVA solution, but doubtful how much you would have to pay and for how long, you can take the help of IVA calculator. You can use the IVA calculator to find out that whether you are eligible for an IVA or not. You have to furnish certain details such as your name, phone number, occupation, total debt, and monthly income. After scanning your details, you would be given information about how to apply for an IVA. You can be assured that the information provided is absolutely safe and would not be sold to any third parties.

Secure your assets-

IVA allows you to get a second chance in your life and live respectfully. Under an IVA, you can still hope to secure your assets such as your car and home. You can own one vehicle if the value of the vehicle is less than 5,000 pounds.  You can save your home if you release equity to collect funds for the payments.

Application for further credit-

IVA is a kind of insolvency and hence registered in online Insolvency register. The information about IVA is publicly available and used by credit agencies and creditors. The information about IVA is not usually listed in the local newspaper. After IVA, you would find difficulty in getting credit as it affects credit rating for six years. It offers you a better condition than bankruptcy in terms of applying for credit.

Free advice-

You get free advice and debt solutions from highly experienced insolvency practitioners who help you to come out of the distressed situation. Their advice is quite valuable as they understand your financial circumstances and give you suggestions for a better life. Nothing is better when you come out of all the debt problems and lead a simple life.

IVA has been adopted by many people who struggle in making repayments to the creditors. Many people have found peace of mind and security in such a solution that directly deals with the creditors and make them understand the debtor’s situation. Running away from problems is not a decision to be proud of. When you come forward, understand the ground reality and facing life as it comes is a sign of being a rational person. It is recommended that if you are unable to take the burden of debt forward anymore, you should immediately seek the help of an insolvency practitioner. Seeking a debt solution is a better situation than facing the warnings of the creditors.

Applying for loans online

Loan against vehicles

car3There are going to be times in life when you will be in need of money and sometimes that would mean quick or immediate money. Loans can be needed for various things, viz.

    Education loan to pay your fees or maybe your child’s fees

    Medical emergencies

    Sometimes for some business purposes

    Or even at times when you need to clear previous dues.

The problem arises when you need money very quickly. You feel short of resources, you do not know where to go. You get very much stressed. These things are apparent. The solution is right in your garage! Yes, why not use your car as security. There is a loan known as logbook loan where you can simply use your car’s logbook as a collateral security to get loans.

The following are the characteristic features of logbook loans:

    Your car’s logbook will be used as security to obtain loan or funds.

    You can get loans for one day after your application for loan has been processed

    This is a better option as against payday loans. The interest rate of logbook loans is very much lesser than that of payday loans. The amount of risk is also minimum.

    People who have a bad credit history can also apply for a logbook loan as they will have their car’s document to take the loan against.

    You car will stay with you throughout the tenure of loan. Your car’s logbook will be held as security.

A logbook which is also known as a V5 document is the most important document to prove the ownership of the car. Without this document, no one can get loans for the car neither can they sell it. If one doesn’t have his car’s logbook then he/she must immediately apply for one. There are many companies who provide logbook loans. They have different terms and conditions; it is quite difficult for people to track each and every detail of the company. Logbook Calculator is the company which doesn’t provide loan itself; it rather assists borrowers to find lenders. The company is very much reliable, and the site can be accessed 100% free of cost.

Details of logbookcalculator.com

Logbookcalculator.com is the site of the mediator company. Any person who wants to borrow money should log on to the site. A brief idea about the company and its working can be under mentioned as:

    It acts as a mediator between the lender and the borrower

    Using or accessing the site is 100% free

    A person needs to be 18+ years of age; he has to have the car in his name. The car should be in good condition

    Anything between £200 to £50000 can be taken for a loan. This gives a person the flexibility to take a good amount of loan; it lets the person overcome all the hindrances that he has been facing for a while.

    The only risk involved is the risk of your car being taken away, the chance of this happening is very little. The company takes care of its relations with the customers