Consumer debt is quite horrific and when the situation turns really bad, several people may end up filing for the bankruptcy as they see no other escape route from their mounting debts. However, the UK residents are quite fortunate to have an IVA (Individual Voluntary Agreement) as an option to deal with their serious debt situation. This instrument has been designed as an alternative for all those who want to avoid bankruptcy.
If you are interested in an IVA debt solution for yourself, you would want to work with a best IVA company. This is important because amongst the crowd of IVA companies, you would definitely want to choose the most professional company that understands all the legalities and can work closely with you and your creditors to get you out from your debts within a shortest period of time. You should avoid all those companies who charge exorbitant amounts of money without providing you with any practical solution.
In order to select a best IVA provider, you should first understand that IVA is quite different from a usual debt management plan as it is a legally binding agreement. Once your creditors (at least 75 % of them) agree to an IVA, it is legally binding on them. Once they agree, the rest of the 25 % will have to follow suit. IVA lasts for a period of five years and in the end, all your outstanding debts are waived off in one go.
Your creditors won’t be able to contact you directly and can’t take legal action against you. One the best IVA providers can analyze your situation and tell whether you can opt for an IVA or not. You should preferably deal with only reputable and professional companies that have been in this field since years. They should also be able to provide with the list of their past clients who are satisfied with their service.
You should avoid totally new companies that have still to prove their credentials. The safest way is to seek the recommendations from the friends or the family members and also search on the internet for such IVA providers in the UK. This way, you can compare and select the best IVA provider who can deliver actual results without false promises.
