An individual voluntary arrangement is a form of debt settlement that you can use to buy you more time and ease the loan payment pressure. This debt settlement method takes place in two faces where you pay off a certain amount to clear part of your debts then pay the rest in smaller installments for up to five years. However, it’s vital that you ensure that you get expert IVA Help & Advice whenever you are looking for these services.
That is because; different institutions offer different kinds of deals. Some of the benefits of IVA include;
You will avoid selling your home
One of the worst scenarios that can ever happen to you because of bad debts is having to sell your home and relocate your family. We all know that a home is a special place that holds a lot of lovely memories. To protect all this, you can always apply for an IVA and get help settling your debts. Additionally, you need to know that IVA usually is tailored to suit your current financial status. This way, you can pay the installments without overstretching your budget.
No contact with your creditor
Typically, some creditors can harass you to the extent that you cannot even focus on looking for money. To avoid all the drama and disruptions, some people opt to apply for an IVA. What happens after your application has been approved is that your creditor will no longer be allowed to contact you directly. Additionally, you will have an extended, and a loosen interest rate that will enable you to take care of your debts comfortably.
It is affordable
The hardest part of paying back a loan has to deal with a high-interest rate. However, with an extended period and a lump sum payment made prior when the deal is approved, you will then start to pay fewer installments. However, you should know that at the end of it all, you will have spent more than what you were supposed to. The good part is, you will not have to strain financially to keep up with your basic needs as well.
You will be working with a financial expert
Typically when one proposes for an IVA, they are assigned an expert to take them through the procedure. The main role of the expert is to ensure that you get everything right and begin enjoying paying your debts without needing to get into more mortgages. Additionally, the expert should be able to work with you to improve your financial habits. You should, however, know that you need to take your time and do proper research to find a good institution with IVA services.
With so many debt settlement options available today, you can always find one that best fits your budget. However, IVA is one of the best choices you can ever find since it is built to adapt to your financial capability. You will want to ensure that you are dealing with a legitimate financial institution when proposing for IVA.