Iva Services, Showing the Way to the Ones Who are Down and Out Wednesday, December 24, 2008

But even under such testing times, Individual Voluntary Arrangement, popularly also known as IVA across the whole United Kingdom has recently gained a lot of momentum among a huge chunk of people who are facing scores of problems in getting rid of their pile of debts. These IVA services, in recent times have suddenly become one of the most preferred way of settling the claims of creditors in a very convenient way. Interestingly, this is one alternative that without affecting the concerned person's future prospect, provides him with the cutting-edge solution to overcome the problematic financial hindrances.

Basically, Individual Voluntary Arrangement is an agreement inked between the debtor and participating creditors jointly. Conceptualised specifically to serve the debt-affected people, this agreement minimises the burden of debt on the shoulders of affected person to a large extent, giving him ample time to repay the due amount to the creditors, respectively. The best part of this service is that it is carried under the wings of law, hence, chances of being exploited in any way are almost nil. The whole process is executed under the supervision of Insolvency Practitioner, who takes care of the fact that the whole process is conducted honestly and on extremely transparent lines. The IP makes sure that the person acting on IVA advice, gives a detailed look to all the possible options. In case when it is a last resort, IP gathers all the details regarding the total value of asset available with him, property and any other thing which could help out them. Thereafter the proceedings follow, where a proposal is drafted and voting is asked for. Here the IP makes sure that the interest of neither creditor party nor the debtor party is affected, without compromising on the prime objective.

IVA services are a far better approach to resolve the debt relating problems than filing for Bankruptcy, which in the long run can be detrimental to a person's own credit profile. Ask Vincent Collins*, a former IT professional, who after losing his job to the recent downsizing wave, was under tonnes of debts. With the pressure of debt mounting on him, he was about to file for Bankruptcy, just at the right time when he was advised to go for IVA services, by a close friend of his. IVA advice proved to be a valuable one for Vincent, who after undergoing the process, is now breathing in fresh air with no worries of redemption of any long-forgotten debt troubling his mind.

Despite being a long term process, IVA definitely provides a sound solution to the problems of debts. One of the best features of this process is that it provides a solution that is agreeable to both the parties which eliminates all the chances of harbouring any kind of ill-feelings against each other. Another most striking fact about IVA Services is its secrecy factor. Yes, the whole procedure is performed with utmost secrecy so that the applicant does not get affected by the social stigma associated with it. Moreover, the person availing the services of IVA, does not lets him feel the pinch of paying off to numerous creditors without going hard on their basic requirements, accounting for their survival.