Consider IVA to Avoid Bankruptcy Proceedings
Depending on your financial situation, you may be able to enter into an Individual Voluntary Arrangement (IVA) to become debt free within a short span of 5 years. IVA will help you to avoid bankruptcy procedures and also help you to avoid collections actions by your creditors. You can forget about endless phone calls and potential legal actions by creditors. With IVA, you will reach an agreement with all creditors you owe money to, which will enable you to pay off the entire amount with some agreed upon discounts within sixty months.
Typically, IVA will not require the selling of your home, and you can stay in your home during the repayment period. There will be some restriction regarding transacting the home during IVA. You need to sign for such an agreement as well. The restriction signed by the property owner will be lodged in land registry.
Depending upon the amount you owe to creditors at the end of the IVA period, you may have to sell your home or re-mortgage it in order to clear of all the unsecured loans. All the clauses in IVA are generally helpful to debtors and fair and advantageous to creditors, as well. IVA works to the advantage of both lenders and borrowers, and it is a legitimate way to avoid bankruptcy for many.