You need to have a realistic approach for getting IVA Help without further complicating your critical financial situation. This can be achieved in several steps. The first step is to check for other alternate options. This could include remortgage, help from friends and relatives, bank or society loan, asset sales etc. if you are not left with any other option and you are faced with the probability of being pushed into insolvency, then you can approach IVA Help. Many people have the illusion that they can take a loan, make a few repayments and then opt for IVA Help to wash their hands off and go for the next loan. This notion has to be smashed for many practical reasons.
Conditions for IVA Help
- There is a minimum time period after you start your loan repayment to apply for the IVA Help. Moreover there is a minimum ceiling limit below which you cannot apply for IVA. You need to know about these two parameters from your IVA Help provider. You can opt for applying only when you are eligible.
- Your creditors need to accept the IVA terms. If the creditor with the largest outstanding accepts you won’t have any problems. If he refuses then you may get into serious trouble. The success rate depends on the negotiating skills of your IVA Help provider and your loan repayment record until you have applied for IVA.
- You must be able to prove the critical financial condition and your inability to repay the whole principal sum with the outstanding interest and other overheads. This will be recorded in the form of a document which you need to sign. This could affect your credits, bank accounts, your profession /employment and other social standings to certain extent. How fast you can get out of these conditions depend on how effectively you are able to repay your outstanding debts with IVA Help.
Procedure for IVA Help
- Search for a reputed IVA Help provider and discuss your debt problems. You can find many service provider attorneys online. Read through the reviews and opinions in the social media. The existing/previous clients will be able to give you the right feedback and suggestions to choose the best IVA Help.
- Detail your IVA Help attorney about all your debts without hiding any information. Brief him about your income sources, monthly expenses and other financial assets and liabilities. Based on these details he will be able to prepare a realistic “balance sheet” and discuss with your creditors about IVA Help.
- Once your creditors agree to the IVA terms you can consider yourself legally safe, as long as you are repaying the agreed principal sum in monthly installments regularly. For this you might have to reduce your other expenses and increase your monthly income. Remember you have no restrictions for doing both. This could also help in stabilizing your financial condition and repaying your outstanding principal sum of the debt. You will be free from the burden of debts sooner than your own expectations with IVA Help.