What's an IVA? A quick peek..

IVA or Individual Voluntary Arrangement is an alternative for bankruptcy. IVA is an agreement made through the county court to pay an agreed amount off your debts over a shorter period of time. It means paying a high monthly installment over 3 to 5 years and the rest of the debts are written off.

The process in an IVA is as follows. You or your IVA Company or consultant approach the court with the details of your proposal.

After the details and proposals is sent to the creditors a meeting will be held. Only those creditors who had notice of the meeting are bound by the arrangement, therefore you have to make sure that all of your creditors are intimated without fail. Otherwise, the arrangement might fail.

At the meeting, the creditors are allowed to vote on whether to accept or decline your proposal. If more than 75% of your creditors vote in favor, the proposals are accepted. They are then binding on all creditors who had been intimated and were entitled to vote.

Then the payoff is made accordingly.

Suffering from bad debts?

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One can borrow a loan amount ranging from £3,000- £50,000. The maximum amount one can borrow depends on his or her monthly income, credit rating, pay back ability and value of collateral in case of secured loan etc. Generally the rate of interest in debt consolidation loan is fixed. Bad debt loans are offered even to people having serious problems with credit score as well.

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A cheap debt consolidation loan uk gives you a smart option of dealing with your unsecured debts. It would be difficult to repay multiple monthly loan payments and to meet high rate of interest, by merging these loans together you not only get a lower rate of interest but also easily repay a consolidated single bill to a single lender as against the multiple ones you have been doing so far.

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Remortgage Loans a Better Option

UK remortgage loan is the best method to cash money, reduce monthly loan repayments, consolidating debts or financing home improvement. Through remortgage loans one can reduce monthly installments and save money.

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