- Wednesday, 18 March 2009Debt-hit Brits who are keen to avoid bankruptcy can do so with a new IVA, according to Article Addict.
The information resource explains that setting up an IVA can help to tackle debts which might otherwise drive consumers bankrupt.
And the article also points out that
free IVA help is available online once an individual finds a company with which they are satisfied.
Indeed, readers are told to seek
free IVA help as a priority over paid alternatives once they decide to set up a new IVA.
When setting up an IVA, borrowers are told to seek
IVA advice from an individual or company that can act on their behalf.
A repayment schedule is drawn up which takes into account the amount owed and the income of the person responsible for the debts.
Following this, a proposal is sent to the person's creditors and a meeting arranged to allow all the parties to discuss the repayment schedule and agree to the terms of the IVA.
While Article Addict does not mention the fact, it is possible that setting up an IVA can reduce the overall amount to be repaid by around two-thirds by writing off some of the debt.
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