Is An IVA (Individual Voluntary Arrangements) Right For Me?

March 3, 2012

Debt Management

Is An IVA (Individual Voluntary Arrangements) Right For Me?

 

Is An IVA (Individual Voluntary Arrangements) Right For Me

Is An IVA (Individual Voluntary Arrangements) Right For Me

Are you facing a time of debt? Do you want to come of the adverse situations that you are facing at present? Is IVA right for you? Before proceeding further, it’s important to know that what actually IVA is? IVA stands for Individual Voluntary Arrangements; IVA is one of the steps that can help you in improving your financial conditions. Let’s know more about it in detail.

If you are interested in IVA and are pretty sure that it can help you in improving your economical condition, then you are required to take few steps to ensure that you are at the right path.  First involved step includes the establishing of contact with a debt specialist. This will help you in analyzing your current financial situation with a specialist who knows better than you can suggest you better about various advantages and disadvantages involved. You should search for an honest man who can serve the purpose best for you on the basis of various backgrounds.

Next, you should look for a capable insolvency practitioner. He can suggest you that whether an IVA is the best solution for you or not. Insolvency practitioner is an expert who reads well your circumstances and predicts that whether the IVA will be correct option for you keeping in mind your present conditions. After this, you are required to accumulate various things depicting your expenditures and monthly income, list of the account numbers involved, creditors and the respective balance linked with each of the creditors.

After all this information is provided to your insolvency practitioner, you will receive a copy form your IP depicting all the information provided by you to him. You are required to check that whatever he has given to you is exact and correct.  After this is done, your half of the job is over. Now, your IP will inform your local country court that IVA can help you a lot in your financial condition. The court will be then requested by him to consider your appeal relating to Individual Voluntary Arrangements.

After this, you are just required to contact your respective creditors and tell them about this petition. A creditors meeting will then be organized in which creditors will either vote in your favor or against on the issue of Iva proposal. If you manage to get about 75% votes in your favor, your IVA proposal will be accepted else rejected. Once your IVA starts running, you are not allowed to contact your creditors in any possible way.

During the whole process, you are expected to be honest to your soul. Also, don’t ever try to miss-present any credentials related to you. You are highly recommended to apply for IVA only when you think that the proposal will be accepted and you will get votes in your favor. If proposal gets rejected somehow, it will be about 100% sure to be called as a bankruptcy. So you are advised to calculate and play well!

Is An IVA (Individual Voluntary Arrangements) Right For Me?

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IVA, Voluntary Arrangements