When individuals in debt in the UK hear that they should consider an IVA, a common question is most likely, what is IVA? An IVA is an Individual Voluntary Arrangement and is very popular in UK, Spain, and Europe. They are sometimes used in Mexico as well. These arrangements are usually made when an individual has a large amount of debt that is difficult to repay. An IVA often allows them to consolidate their debt into one bill after consultation with a IVA debt management consultant.
What is IVA can be one of the best questions to ask when you are burdened with huge amounts of debt. IVA debt management specialist can negotiate with your creditors and get them to lower interest rates and greatly reduce the overall amount of the loan or other debt by as much as 70% at times. This is a huge potential savings to individuals who have accumulated large amounts of debt. Indeed, the individual voluntary arrangement or IVA debt can help to save you thousands of dollars in interest and other repayment cost. What is IVA should be one of the first questions you ask your debt management adviser.
An IVA will save you money and allow you to keep important assets. Your home and other assets won’t be put at risk when you seek help for your debt. The purpose of an IVA is to reduce debt and make payments more affordable through consolidation. A team of accounts is usually available to assist you as you get your finances in order. Debt management consultants work to freeze the interests on your loans and credit card debt. What is IVA? It depends on what you make it. For many, it is the difference between being burdened by debt and living comfortably.
So if you are burdened by debt, you should consider visiting an IVA debt management consultant and don’t forget to ask them, “What is IVA?” You should compare multiple companies to make sure you get the best deal. Also, check references and make sure that the company that you choose is a legitimate one. Checking references can also help you set reasonable expectations about what the company can do for you.