Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Sunday, February 15, 2009
It is a sad fact that many individuals in debt today will never be able to say that they are completely free of their creditors. With the cost of living rising and the level of salary payments struggling to keep up, there is less disposable income on offer and debts are rising as a result, to the point that some individuals can no longer afford to repay them at all. That is where the IVA debt help can come in handy.
An IVA is an agreement, an Individual Voluntary Agreement to be precise, that allows you to pay a set amount every month towards paying off your debts. The amount of the total debt is reduced as a result of these set monthly repayments and what is left is written off after the term of the agreement (usually 5 years). At the end of the term, providing you have kept up repayments, you will be considered debt free.
The IVA Debt Help is: * A formal agreement between yourself and your creditors * A document reducing the amount your pay back on your debts to make them more manageable for you. * An arrangement set up via an Insolvency Practitioner to ensure that all parties involved maintain it. * Usually completed after five years. After five years you will become debt free and all your remaining debts will have been paid off.
The purpose of the IVA was to try to help people in debt get rid of their debt without having to go bankrupt, and to help creditors get back as much of their money as is feasible. When you apply for an IVA, your company will look at all your income and assets to see how high your repayments can realistically be.
This may include: * Regular income * Savings and investments * Income from third parties * Assets, such as an endowment policy
The assets and income are then added up. From that number, the IVA company will subtract the amount of money you need to pay for your bills, house, and food. The result is your disposable income - which is the income that will be used to pay back your creditors.
In the same way that bankruptcy involved court action, so does an Individual Voluntary Arrangement. The court must be informed and appoint the Insolvency Practitioner to help you and to supervise your repayments over the years governed by the agreement.
Getting out of debt is a wonderful feeling after being in debt for so many years, so if you are deep in dept consider getting an IVA. However, not everyone should be getting IVA debt help, so discuss your particular situation with an IVA company to see if you should also consider other options.
An IVA is an agreement, an Individual Voluntary Agreement to be precise, that allows you to pay a set amount every month towards paying off your debts. The amount of the total debt is reduced as a result of these set monthly repayments and what is left is written off after the term of the agreement (usually 5 years). At the end of the term, providing you have kept up repayments, you will be considered debt free.
The IVA Debt Help is: * A formal agreement between yourself and your creditors * A document reducing the amount your pay back on your debts to make them more manageable for you. * An arrangement set up via an Insolvency Practitioner to ensure that all parties involved maintain it. * Usually completed after five years. After five years you will become debt free and all your remaining debts will have been paid off.
The purpose of the IVA was to try to help people in debt get rid of their debt without having to go bankrupt, and to help creditors get back as much of their money as is feasible. When you apply for an IVA, your company will look at all your income and assets to see how high your repayments can realistically be.
This may include: * Regular income * Savings and investments * Income from third parties * Assets, such as an endowment policy
The assets and income are then added up. From that number, the IVA company will subtract the amount of money you need to pay for your bills, house, and food. The result is your disposable income - which is the income that will be used to pay back your creditors.
In the same way that bankruptcy involved court action, so does an Individual Voluntary Arrangement. The court must be informed and appoint the Insolvency Practitioner to help you and to supervise your repayments over the years governed by the agreement.
Getting out of debt is a wonderful feeling after being in debt for so many years, so if you are deep in dept consider getting an IVA. However, not everyone should be getting IVA debt help, so discuss your particular situation with an IVA company to see if you should also consider other options.
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4:48 AM
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