What is an IVA?An IVA helps people to consolidate their multiple debts into one monthly payment which is the best alternative to Bankruptcy. Those who have multiple creditors and can’t be able to pay their debts easily they can contact an IVA practitioner to consolidate their debts into a single monthly payment.
With an IVA debt solution you can be able to combine your several debts into a single monthly payment. And he then communicates with your all creditors on behalf of you.
Any remaining debt will be written off if you have after 60 months, provided you should adhere to the IVA debt solution agreement. It will make you free from debt completely.
IVA Case Example:
Suppose, if you have total debt £35,000, your monthly payment will be £242. You will have to pay over 5 years. When you calculate the amount you will find that you will have to pay only £14,500 and your total debt will be eliminated completely. You can just see the calculation that how could you be able to save a lot of amount with the help of IVA debt solution?
Those who have less than £15,000 amount to pay; they will not be able to get any help from IVA. Generally IVA solution is for those who have more than one creditors and can’t able to pay their amount.
After consulting an IVA debt solution practitioner you will be able to know whether an IVA solution can really help you, otherwise you will have to take another debt solution help to remove your debt quickly.
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