If you are among the millions of UK residents holding bad debt, then there is a suitable and appropriate debt solution for you.
National Debt Helpline
Debt problems have become increasingly common in the last couple of years owing to a multitude of Brits spending money they do not have and then facing problems repaying the debts.
One of the most appropriate solutions for debt is IVA. This is a UK specific debt management solution that is contained in UK laws. It was passed by parliament and is referred to as The Insolvency Act of 1997. IVA stands for individual voluntary agreement and is an agreement that is signed between a borrower and creditors. The agreement seeks to reduce the total amount owed, cease all charges on the debts, including penalty fees and interests and in return the debtor agrees to pay a certain low amount towards the debt in monthly installments without fail.
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This kind of arrangement is there for whenever debts overwhelm a borrower.
In order to successfully make us of the iva helpline, a borrower, or debtor will need to owe at least 15000 pounds to more than one creditor. The borrower will also need to demonstrate financial hardship. An assessment will normally be conducted by the provider and manager of the debt program. Providers of iva helpline include charitable debt organizations and firms providing debt management solutions. The former are organizations that provide the service for free while the latter are regular businesses operating in the finance industry.
After an assessment of the applicant’s personal and financial circumstances, an agreement will then be drafted that will seek to stop all charges on the debt, hopefully reduce the principle amount and come up with an affordable, monthly repayment amount. The debt managers at the iva helpline will then send off this agreement to all creditors and hope they agree to the terms. After they approve of the agreement, it will need to be approved and signed by an insolvency practitioner.
Once the iva helpline is signed and becomes effective, the debtor will be expected to make the payments as required and keep their part of the bargain. In return the iva helpline provides for the entire debt to be written of after a period of five years.