subject: If You Are Looking For IVA Solutions Then You Will Need An Insolvency Practitioner [print this page] If You Are Looking For IVA Solutions Then You Will Need An Insolvency Practitioner
With thousands of people all over the country in a constant financial struggle, there are numerous possible ways of alleviating money problems. One of the most popular methods in the current time is using IVA solutions to make your monthly repayments more manageable. An Individual Voluntary Arrangement will involve you making one lump sum that will be split between all of your creditors and will usually result in a percentage of your debt being completely wiped out. This can be an extremely helpful way of managing your debts but in order to get one of these arrangements set up, you have got to use the services of an insolvency practitioner.
Insolvency is a term applied when an individual or a company can no longer afford to keep up with their debt repayments. As you can probably guess, an insolvency practitioner is someone who deals with cases of this kind in order to try and help resolve the matter. This may be by filing for bankruptcy or by going down the IVA route. Anyone who is working as an IP must be authorised under the Insolvency Act 1986 and it is an offence to do so without the correct authorisation. An IP can get authorisation from the Secretary of State for Trade & Industry, the Insolvency Practitioners Association or one of the other bodies recognised by the Insolvency Act 1986. All IP's are constantly monitored and are subjected to an annual authorisation review and also three-yearly inspections to check up on the quality and value of the services that they are offering.
When you choose an Individual Voluntary Arrangement as your way of resolving your debts, the IP will assess your current financial situation. Once they have looked into everything, they will come up with a revised monthly payment plan to be put forward to all creditors. The plan will usually end up with the total monthly costs being reduced so if it is accepted it can be extremely beneficial. For the proposed plan to get the go ahead, it needs to be accepted by 75% of creditors, once this figure is reached all other creditors must also accept.
If you are finding it increasingly difficult to make your required monthly payments then don't waste any more time. IVA Solutions may not necessarily be suited to all people but they can be a good way of resolving money problems. You should always consult a professional before making any financial decisions and make sure that you get independent advice.
