IVA is the agreement that a debtor makes with creditors for the creditors to help them pay the loan at lower rates. The deal is usually made under the following rules.The debtors have to be granted the IVA agreement as long they are willing and can pay the creditors at a given time and amount too. It may be small, but the debtor has to adhere to the agreement.Although you have some debt problems, you have to agree that you will pay all the amount in the given time. It could be in a few months or a year. But this agreement is usually done in the least time.
The Debt Arrangement Options
There are two ways that a debtor can arrange with the creditor to pay the debt. You can agree between you two or involve a debt management company. In the case where you include the debt management company, the debtor has to make the payment to the creditor through the management company. Also, this process makes it easy for the debtors since he or she will not need to follow up or make any contact with the creditors regarding the debt payment. The debt management company does the work.Therefore, to agree with you and creditor easy, consider working with a debt management plan. Don’t settle for any debt management company that you are recommended to as you may end up getting scammed by some. So instead, follow the below tips to help you identify and get the best debt management company to help you with your IVA HELP.
• Check on the Licensing
For a firm to be allowed to offer these services, they need to first off all be vetted by the financial conduct authority. Therefore make sure that the FCA has verified the firm you are about to hire for these services for transparency and your safety purposes. Keep in mind that you will be giving your financial details such as the assets, debts and also your income, so you need a trustworthy company that you can entrust this information to.
• The Flexibility
The company should also be available when you need them for a meeting or if you need them to request something from the creditors. Also, you will need their consultation before you make any agreement or decision regarding the debt payment and thus, they should always be available to offer this help to you at any given time.
Things to note
Unless you have agreed with your creditor in writing, there are some things the creditor may ask you to do. For example, the creditor can ask you to pay the full amount of the debt at a later date.
They can also take measures to have you pay their debt regardless of your word of mouth agreement.
Therefore to avoid this, make sure to have an agreement written and signed by the two parties.
IVA Help is an excellent form of paying your debt since you get an opportunity to pay the debt according to the term you are comfortable with. As long you reach a good agreement with your creditor you will have a smooth experience and enough time to pay your debt. Just find a good and reputable debt management company, and you will be good to go.