Key,Things,Consider,Before,Tak business, insurance 5 Key Things to Consider Before Taking Out an IVA
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There are unscrupulous companies who operate in this field which are referred to in the industry as IVA Factories. Their sole aim is to recommend an IVA to potential customers in order to line their own pockets and with little thought as to whether or not its the right debt solution for the individuals circumstances.An IVA can be a very effective method of debt solution for many people but its important to get the right debt advice before embarking on any particular method of dealing with your debts.With regards to IVAs, here are 5 key things you should consider: * Duration An IVA usually lasts for 5 years and requires you to make a fixed monthly payment for the benefit of your creditors during this time. Before you embark on an IVA, you should be aware that it will affect the way you live for this length of time. * IVA Alternatives For people with large amounts of debt, very often the only debt solution choice other than IVAs is bankruptcy. If youre unsure about taking out an IVA, then it pays to be fully informed of the consequences of not going ahead. Bankruptcy could result in you losing your home and/or your job. * Legal Aspects All IVAs are legally binding on you and your creditors, so if you get part of the way through your IVA and cant make the repayments or no longer want to, it means your creditors can petition for your bankruptcy to help reclaim some of the money theyre owed. Its worthwhile noting that under the terms of an IVA, your creditors are legally obliged not to contact you regarding the money you owe, which can lift a huge weight from your shoulders. * Your Home IVAs can result in you having to release any equity thats in your home for the purposes of paying back your creditors. Unlike bankruptcy, this means you wont lose control of what happens to your home. There are companies who specialise in IVA remortgages which allow you to pay back what youre due and remain in your home. * Employment One of the advantages of an IVA is that details of it wont be made public; this means that your employer wont know about it, or even if you choose to tell them, its usually not a matter that will lead to dismissal. IVAs dont have the same social stigma as bankruptcy where your details will be published in the press and some professions will terminate your employment as a result.Committing to an IVA is a big step which is why its important to get individual debt advice you can trust from SimpleIVA before making any decisions. We understand how worrying living with debt can be but cant stress enough how important it is to be fully informed about what an IVA could mean to you.Get in touch with us now to learn more about IVAs and their pros and cons.
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