- By: JENNIFER MORVA
A bankruptcy situation is probably the last thing that you want. But the situation has arrived that you are on the verge of getting bankrupt and do not know of what to do. In this scenario there is one way by which you can get out of the situation and that is by opting for an IVA (Individual Voluntary Agreement). The kind of service that you will get from the experts will not only help you to overcome the situation but will help to understand better of how best these crisis situations can be tackled. IVA is getting popular at a very fast pace many people are opting for this option in order to prevent them from being bankrupt.
Usually the bankruptcy situation arrives when you have £25 000 or more than that as your debt with four or more creditors. The IVA advisor whom you will appoint will do a detailed study about your debts and then he will let you know about the priority of the loans that should be repaid first. You have to do a detailed search about which advisor you should hire in order to get the best service possible. The advisor will pursue the bankers and the other lenders from whom you have taken the money, to lower down the rate of interest so that you can pay back as fast as possible. The arrangement is made such that you can have enough time in your hand to repay the loans.
The interest rates are lowered down only if you can show some of your personal assets as mortgage against the loan. In case if you cannot pay back the dues with the lower rate of interest then there is every chance that your property might be forfeited by the bank. In most of the cases it is seen that the people who have opted for this option have got out of their huge burden of dues and started back their financial carriers afresh. But you should always keep one thing in mind that if you are too late in appointing your advisor then it will be even more difficult situation for him to tackle.
Jennifer Morva has been associated with Loans. Having completed his Masters in Finance from Lancaster University Management School, he undertook to provide useful advice through his articles. To find Iva free advice , Iva for people with bankruptcy visit http://www.ivabankruptcy.co.uk