Debt Problems � What Are Some Advantages Of IVAs?
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Paul Goodman
Apr 19, 2010, 11:25:04 AM4/19/10
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Paul Goodman
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Article Title: Debt Problems – What Are Some Advantages Of IVAs?
Author: Paul Goodman
Word Count: 554
Article URL: http://www.isnare.com/?aid=504230&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=504230
Easy Publish Tool: http://www.isnare.com/html.php?aid=504230
*********************** ARTICLE START ***********************
The ins and outs of an IVA (Individual Voluntary Arrangement) can seem confusing, least of the question of what advantages it might have for you. We explain some of the key benefits and some considerations you can think about before taking further individual debt advice.
They Have Legal Status
After formal instigation, your creditors are bound by the terms of the IVA. You get an unequivocal picture of how the agreement will run and for how long.
The Calls And Letters Wanting Payment Stop
Once in place, your creditors are not allowed to call you or send letters demanding payment.
Fresh Interest And Charges Are Halted
By law, once its running, creditors have to respect the IVA and can’t add any more interest and charges to the debts.
A Halt To Fresh Court Action
Again, once legally implemented, no more courts actions for those debts is allowed if you abide by the terms and conditions.
A Move Towards Restoring Credit
By keeping to the terms and conditions, you are paving the way to reviving your credit score after the IVA has finished,
Much More Private
There are no announcements in local newspapers. It’s possible your name will appear on the Insolvency Register, but this is on the specific internet pages only and thus likely to stay more private.
Work Status Considerations
Unlike bankruptcy your work status is generally not affected. Qualified professionals may welcome the greater privacy aspect, due to some stigma sometimes linked to debt.
Other Considerations
All The Debts Must Be Included When Arranging One.
It’s not possible to leave any out (as may sometimes be possible with other options) but this may have a silver lining for some people. It can mean that the debts are simplified; all covered under one legal agreement with one monthly payment, assuming you abide by the agreement.
How To Successfully Complete
Quite simply, you must keep to the terms and conditions throughout, typically for at least 5 years or more. This includes keeping up to date with monthly payments. If necessary, sometimes a ‘repayment holiday’ can be arranged in adverse circumstances but it prolongs the life of the agreement. On the other hand, it does mean you could keep to the terms and conditions and complete successfully. A good debt advice team should be able to successfully guide you through each stage.
About Credit
During the agreements lifespan, normally the way forward is no regular credit cards. Instead use pre-pay plastic cards, which still afford you the convenience of being able to simply pay on plastic when you need to. You pay money onto the card, use it and top it up again for the next time.
There are many companies claiming to offer help and advice for arranging this debt management option but it is important to take impartial independent advice to make sure it would genuinely be the best solution to your individual debt problems. If you are thinking about arranging one, make sure you have all the information on this and other options before you commit.
About The Author: From over a decade professionally supporting people who are cope with unmanageable debt, we can help you decide whether an http://www.debtoptions.co.uk/ivas IVA is right for you – or not. There is no substitute for impartial expert http://www.debtoptions.co.uk debt advice so we advise you only to proceed after taking up good quality individualised advice.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=504230
*********************** ARTICLE END ***********************
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Please consider this free-reprint article written by:
Paul Goodman
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=504230
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=504230
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Debt Problems – What Are Some Advantages Of IVAs?
Author: Paul Goodman
Word Count: 554
Article URL: http://www.isnare.com/?aid=504230&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=504230
Easy Publish Tool: http://www.isnare.com/html.php?aid=504230
*********************** ARTICLE START ***********************
The ins and outs of an IVA (Individual Voluntary Arrangement) can seem confusing, least of the question of what advantages it might have for you. We explain some of the key benefits and some considerations you can think about before taking further individual debt advice.
They Have Legal Status
After formal instigation, your creditors are bound by the terms of the IVA. You get an unequivocal picture of how the agreement will run and for how long.
The Calls And Letters Wanting Payment Stop
Once in place, your creditors are not allowed to call you or send letters demanding payment.
Fresh Interest And Charges Are Halted
By law, once its running, creditors have to respect the IVA and can’t add any more interest and charges to the debts.
A Halt To Fresh Court Action
Again, once legally implemented, no more courts actions for those debts is allowed if you abide by the terms and conditions.
A Move Towards Restoring Credit
By keeping to the terms and conditions, you are paving the way to reviving your credit score after the IVA has finished,
Much More Private
There are no announcements in local newspapers. It’s possible your name will appear on the Insolvency Register, but this is on the specific internet pages only and thus likely to stay more private.
Work Status Considerations
Unlike bankruptcy your work status is generally not affected. Qualified professionals may welcome the greater privacy aspect, due to some stigma sometimes linked to debt.
Other Considerations
All The Debts Must Be Included When Arranging One.
It’s not possible to leave any out (as may sometimes be possible with other options) but this may have a silver lining for some people. It can mean that the debts are simplified; all covered under one legal agreement with one monthly payment, assuming you abide by the agreement.
How To Successfully Complete
Quite simply, you must keep to the terms and conditions throughout, typically for at least 5 years or more. This includes keeping up to date with monthly payments. If necessary, sometimes a ‘repayment holiday’ can be arranged in adverse circumstances but it prolongs the life of the agreement. On the other hand, it does mean you could keep to the terms and conditions and complete successfully. A good debt advice team should be able to successfully guide you through each stage.
About Credit
During the agreements lifespan, normally the way forward is no regular credit cards. Instead use pre-pay plastic cards, which still afford you the convenience of being able to simply pay on plastic when you need to. You pay money onto the card, use it and top it up again for the next time.
There are many companies claiming to offer help and advice for arranging this debt management option but it is important to take impartial independent advice to make sure it would genuinely be the best solution to your individual debt problems. If you are thinking about arranging one, make sure you have all the information on this and other options before you commit.
About The Author: From over a decade professionally supporting people who are cope with unmanageable debt, we can help you decide whether an http://www.debtoptions.co.uk/ivas IVA is right for you – or not. There is no substitute for impartial expert http://www.debtoptions.co.uk debt advice so we advise you only to proceed after taking up good quality individualised advice.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=504230
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com --
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