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Pay Debts Blog
Want to get out of debt, consolidate your debt, get a better loan or just learn some top money and debt rescue tips? We have financial advice here that will help you achieve your dream of being debt free. Absorb all the info on blog and join our site for articles and tips Consolidate Debts LoansPermanent link: What is an IVA / Consolidate Debt Loans
What is an IVA / Consolidate Debt Loans
Individual Voluntary Arrangement Normally an alternative to bankruptcy proceedings, where someone makes a voluntary arrangement with their creditors through the law courts for the settlements of debts. The payments normally work out around 0.80 pence in every pound owed, and results in a compulsory re-mortgage in the 4th year of the 5 year agreement. Debt IVA's An Individual Voluntary Arrangement (IVA) is a real alternative to bankruptcy and could be your best solution if you have a substantial amount of unsecured debt. It acts as a legally binding agreement between you and your creditors and can only be set up by a licensed Insolvency Practitioner. Call you local citizens advice to find out details. The unpaid balance of your debts is written off - as much as 75% One affordable monthly payment - usually for five years. Reasons to choose an IVA Protects you from further action by your creditors Your creditors are legally bound by the terms of the agreement No uncertainty: you know how much you pay and for how long Can be used to prevent Bankruptcy proceedings against you Real alternative to declaring yourself Bankrupt No public notices: an IVA is between you and your creditors So your credit score and rating remains unaffected and whole. Technorati Tags: Individual Voluntary ArrangementPosted by Admin at 2006-08-25 15:12, Home
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