There are numerous advantages to choosing to get IVA help to eliminate your debt. If you quality for an IVA, you can stop creditors from hassling you on a constant basis, prevent yourself from going even further into debt by freezing the interest, and paying your debt with an agreement that will help you meet your living expenses. The IVA help programs are government backed and can help you eliminate your debt in five years.
Qualifying For IVA Debt Help
There is no doubt that if you have too much debt, getting IVA help is the best method of getting out of a financial mess, but in order to do this you do have to qualify for IVA debt help.
To qualify for IVA free debt help there are only a few requirements that you will have to meet. The first is that you must have at least £15,000 in debt, but this can’t include your mortgage or other types of secured loans. In addition to having at least £15,000 in debt, you must have at least 3 or more creditors that you owe money to. The only other requirements that you must meet to qualify for IVA free help is to have regular employment and live in England or Wales.
How Can IVA Free Debt Help Prevent Bankruptcy?
The Individual Voluntary Agreement, or IVA is meant to help people avoid bankruptcy by providing them an affordable method of paying their debt. The debt management companies that provide IVA free debt help will offer help through a debt management professional that can arrange an agreement between you and your creditors. This agreement will help reduce the amount of your payments and help you avoid bankruptcy.
Once you are under a free IVA help agreement, your creditors will no longer hassle you about making your payments, and you can eliminate your debt in five years or less, as long as you stick to your payment agreement.
When you meet with an IVA expert, you can discuss how an IVA can help you get out of debt. If this option is not the best solution, the debt management counselor can help you find another solution.
If you qualify for IVA help, your creditors will be presented with financial statements as proof of your inability to pay the amount you are now paying; your living expenses and income will be taken into consideration when deciding on what your monthly payments should be. Once the creditors have all of your information, yourself, your IVA expert, and your creditors will then come to an agreement that will reduce and consolidate your monthly payments.
There is no doubt that free IVA help is one of the best solutions to debt problems, and avoiding bankruptcy.