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Bad Debt Loans -A Four-Step Programme to Eliminate Debts.
Mr. Henderson would often think of times when he had a good
credit history and there would be a long line of loan providers
desirous of offering debt consolidation loans. Things took a
sharp turn after he underwent a few defaults and CCJs. This...
Debt Consolidation: A Simpler Solution
When you feel like you are swimming in a sea or bills and debt,
there are potential solutions to ease the chaos, and even save a
bit of money, while making your life a lot simpler.
Debt consolidation is a method of immediately paying off...
Debt Consolidation for Americans
Times are hard for many Americans, with interest rates going up,
sky high gas prices, and overall inflation, so it's not
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The Pro's and Con's Of Debt Consolidation Loans
You are swimming in debt. You have 4 credit cards maxed out, a car loan, a consumer loan, and a house payment. Simply making the minimum payments is causing your distress and certainly not getting you out of debt. What should you do? Some people...
UK Credit Card Debt
Getting into credit card debt in the UK, can leave you feeling helpless and hopeless. It seems like you could be stuck in UK credit card debt forever, and there's no light at the end of the tunnel. Harassing phone calls from creditors and...
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Individual Voluntary Arrangements (IVA): The New Debt Solution?
The UK is facing a debt crisis fuelled by over spending and over borrowing. In June of this year personal debt in the UK broke through the £1.1 trillion barrier and Britain’s personal debt is reported to be rising by £1 million every 4 minutes.
The rise in the number of people seeking to set up Individual Voluntary Arrangements (IVA), the government’s much touted alternative to bankruptcy, demonstrates both the extent of the problem and the perceived advantages of this new debt solution. But is the Individual Voluntary Arrangement (IVA) really all it’s cracked up to be?
Until very recently when people were overwhelmed by debt, bankruptcy was the only solution. However, the introduction of the Individual Voluntary Arrangement (IVA) by the government has created a new alternative to bankruptcy which is beneficial for both the debtor and the creditor.
The idea behind the introduction of the Individual Voluntary Arrangement (IVA) was to enable people facing financial difficulties to come to a formal agreement with their creditors rather than having to face bankruptcy.
If an Individual Voluntary Arrangements (IVA) is agreed between the debtor and creditor:
• Interest on the loan is frozen
• Legal proceedings are stopped
• The overall debt is reduced
An Individual Voluntary Arrangement is generally seen as a more favorable option than bankruptcy from both the debtor’s and creditor’s perspective.
This is because
there are no fees or legal proceeding involved with an IVA, unlike with bankruptcy and unlike bankruptcy an IVA doesn’t have any stigmas of disqualifications associated with it. Furthermore, from the creditor’s point of view, an Individual Voluntary Arrangement offers a greater repayment of the debt than would otherwise be achieved if the debtor were made bankrupt.
The only real disadvantages of an Individual Voluntary Arrangement (IVA) are that you can’t borrow more money when an IVA is in place (but this is a good thing since more borrowing leads to more debt); an IVA tends to run longer than bankruptcy (usually for 5 years) and it is possible that you might have to release some of the equity in your home (or in another valuable asset) as part of the IVA agreement.
In conclusion, an Individual Voluntary Arrangement (IVA) can be an excellent way of getting to grips with your debt issues by allowing you to only repay what you can afford over an extended period of time whilst avoiding the stigmas and restrictions associated with bankruptcy.
About the Author: http://www.iva-advice.com is a free and impartial UK debt counseling service. Our advisors are specially trained and anything you tell them is kept entirely confidential.
Source: www.isnare.com
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