FAQ
What is iva?
IVA stands for involuntary arrangement, this is a way to handle your serious debt problem and it can avert forthcoming consequences of bankruptcy.
Who can go for iva?
Any borrower who is not able to pay back his debt using all his resources can go for iva solution of serious debt problem.
Is iva legally binding?
Yes. Once agreed iva is legally binding for borrower and lenders. Here iva is different from debt management. Borrower is more secured and gets rid of recovery calls from lenders.
Who can complete iva process?
Only an insolvency practitioner can initiate, organize and accomplish iva deal between a borrower and lenders. This professional has technical expertise over the matter related with lending business.
Where can get services of an insolvency practitioner?
The services of an insolvency practitioner are available anywhere in the UK. We can arrange this service for you anytime and anywhere in the UK. Just write to us and you can get expert advice on your matter.
How much a borrower has to pay for the services of an insolvency practitioner?
The services of an insolvency practitioner are generally free of cost for the borrower. This does not mean that an insolvency practitioner charges nothing. For his service every professional charges; but the fee of an insolvency practitioner is generally deducted from what you pay back to lenders. This means, this is lender who has to pay for services of an insolvency practitioner.
What should be the qualities of a good insolvency practitioner?
Insolvency practitioner plays a vital role in organizing iva so he should be competent to handle the situation in a better way. More experienced insolvency practitioner means more benefits for the borrower.
What can I expect from an iva deal?
From your iva deal you can expect that Lenders would be ready to write off a major chunk of the loan Instead of paying to many lenders you just pay back in single small installment. You would be able to protect your home equity No threatening calls from lenders
What is major benefit of iva?
IVA provides you time so that you can arrange money to pay back your reduced loans. The time can be as long as six months.
At what stage of loan repayment one can opt for iva?
At anytime of your repayment you can opt for iva. The only condition is that you should, by any mean, not have resources to pay back loans with current terms and conditions.
How long it will take to get advice for iva?
Advice for iva is quick; you send us your query and we answer back it in no time.
Is it compulsory to opt for an iva deal after taking advice from an insolvency practitioner?
No. It is not necessary; you can opt for any insolvency practitioner who is suggesting you better ways to overcome from your problem. But it is always good to ask for alls possibility from your insolvency practitioner. |
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