How to use an IVA or Individual Voluntary agreement to clear your debts?


An IVA Is a legally binding agreement that helps a person in debt to repay their creditors by simply making an affordable monthly payment. A great IVA solution for people in Wales, England and Northern Ireland is http://www.ivadebtcalculator.co.uk/ or for Scotland the alternative would be Trust Deed Scotland. They consider various aspects like whether you actually qualify for an IVA, the most important factors to think before proceeding as well as your alternate options. It gives you protection from your creditors and allows you to manage your debts and begin afresh. 

An IVA usually lasts for a period of 5 to 6 years and after this time period, the debt is completely cleared. All you have to do is to make a single affordable payment at the end of each month which will be distributed fairly amongst your creditors. It is a method of insolvency wherein your debt is written off at the end of the IVA and your creditors are not permitted to contact you or increase your debt during the entire time period. IVA is included in the insolvency register and is a valid public record. 

In case you are a home owner with debts, opting for an IVA will ensure that you get to keep your home, if your mortgages are paid on time. In case you have equity in your home, you must try to either re-mortgage or make extra payments towards your IVA for a considerable amount of time. To know if you are eligible to get an IVA, you should take some important factors into consideration. Your suitability depends on whether you have a reliable and sustainable income source, whether your debts are more than your assets and that is inclusive of property assets or when you have a lump sum payment that you could pay to clear off your debts. 

You are eligible to apply for an IVA at http://www.ivadebtcalculator.co.uk/ if you live in England, Northern Ireland, Wales or Scotland. An insolvency practitioner or IP manages an IVA and helps a client to develop a proposal for repayment which can be sent to his creditors. Usually, a meeting with the creditors is arranged, and the IVA has a chance of being accepted or rejected by the creditors. An IVA is a legally binding agreement and becomes valid on acceptance. Creditors are unable to pursue their debtors, according to the terms of IVA, once it is accepted and becomes valid. Since it is a form of insolvency, it is important to get all your doubts cleared, prior to finalizing your decision on whether to proceed with IVA or not. 

A swap mis-selling situation

A lot of people have been misinformed about their interest rate selling swaps and therefore have been victims of mis-sold swap arrangements. Only customers who are deemed “non- sophisticated” are under the review. There could be a chance to get assistance with handling your interest rates. The workings of these swap arrangements are so complicated that there may be only a very few in the market who could help you with it. At Veritastreasury, you will be provided with a step by step thorough guidance by experienced professionals. Are you facing any of the following problems?

Marked a sophisticated customer and not eligible for a review

If this is your problem then the FCA criteria can be further checked and challenged if necessary. The expert professionals at www.veritastreasury.com are very well versed with the criteria and the assumptions the banks usually come up with. Therefore even if there is a problem in the assessment they can represent you in the bank and place your case personally to the bank. This is because even though you may have been classified as a sophisticated customer, your case may still involve the incident of mis-selling. This has already happened with the company Lord Sugar. Therefore it is best to negotiate and assess the possibilities before concluding.

Marked as a non sophisticated customer and unsure of what to do next

Many clients are now being marked under the criterion of being non sophisticated customers and are coming under review system of the banks. If this is a non desirable option for you then you can either write to the bank directly as well as return your form. For more details about the procedure and the strategy you can visit www.veritastreasury.com or get in touch with them directly. There is a criterion as per FCA that declares which customer is sophisticated and which ones are not. But in this case you can write to the bank, returning your form and telling them that you are under a financial turbulence right now. In such case, the bank will review your case.

You have faced losses in your business

A business is bound to face loss and gain from time to time, so the real question is, will the banks account for my losses as well? There is a particular situation here, as sometimes the businesses may face losses which are way over the direct cost of the swapping product. This could even be a lost business opportunity, which is not uncommon for most entrepreneurs. In this case, the banks are supposed to pay the redress, however you may need further assistance to get your pay on time.

No matter what your situation, it is best to keep the experts at your side. Therefore it would be ideal to seek out their advices soon.