When individuals find themselves in too deep with their debt, many are relying on an individual voluntary arrangement to alleviate the money woe. It is important to understand the implications of a successfully completed IVA.
Getting free from debt is a very cathartic experience and many are now finding that an individual voluntary arrangement is an effective means of achieving this goal. An IVA is a legally binding contract between those in debt and their creditors and allows them to pay back their debt at a rate agreed by both parties and which is financially viable for the individual in debt. An individual voluntary arrangement is a much more appealing proposition to those in debt as it doesn't have the negative consequences associated with bankruptcy and doesn't need to be declared publically as bankruptcy does.
Individual Voluntary Arrangement – Free From Debt
When it comes to freeing oneself from debt, many are now seeing an individual voluntary arrangement as the best solutions for remedying their financial woes. It is important to understand what happens once an IVA has been successfully completed. Once the individual voluntary arrangement has been successfully completed and the debts repaid, the individual will be issued with a certificate that indicates their IVA has been seen through to completion. At this point, creditors will write off any outstanding liabilities and the individual will be recognised as being free from debt.
Individual Voluntary Arrangement – Fresh Financial Start
There are many benefits of successfully completing an individual voluntary arrangement. It gives the individual who was in debt a fresh financial start and allows them to look forward to a future free from debt. Once an IVA has reached a successful conclusion, the insolvency practitioner has a responsibility to make the relevant organisations aware if the completion. At this point, the individual voluntary arrangement will be listed on your credit file and after the agreed period of time, you will enjoy complete financial freedom.
Speak To Varden Nuttall About An Individual Voluntary Arrangement
Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0870 977 8100 or fill in our online enquiry form.