Today's sophisticated credit monitoring systems report your financial activity on an almost daily basis. When you make a move with any of your creditors, the data create a trail of ripples through the structure of your current credit relationships. Sometimes, your new debt burden may trigger an automatic system that shoots your credit card's interest rate by ten or fifteen percentage points. So, it is better, if you could manage to stop borrowing during the time you are with the provision of IVA debt advice.



The proposal of the IVA debt advice is acceptable to all the creditors, since legal patronage is also offered to borrowers in the form of interim order. Under no legal proceeding can be initiated in between the terms and conditions stipulated time frame of the IVA debt advice.

Some banks are now refusing to approve IVA debt advice and its proposal. Creditors can put forward changes to the debt advice proposal, but the debtor can decide whether or not to accept them. Any interest and debt charges will be frozen and creditors are not even allowed to demand additional payments.

In some circumstance, legal action may well be undertaken by a creditor against a debtor who is proposing an IVA debt advice. In such cases, at the sole discretion of the appointed Insolvency Practitioner, it is possible to apply for an Interim Order. An interim Order protects the debtor here from any further court action being taken until the IVA debt advice application process is completed and proposed to the creditors.

Besides overcoming the problems outlined in why avoid other Debt Solutions? IVA debt advice offers a real financial solution to the debtors. It works like a light at the end of the tunnel, where informal debt solutions as described above do not.

There are many benefits of IVA debt advice; followings are some of the salient features:

• A fixed monthly payment plan is organised

• Agreed all your creditors are legally bound and cannot change their mind.

• No any legal proceeding is carried out

• No more interest on existing debts

• Professional status is not at risk

• Every step is taken under supervision of Insolvency Practitioner

• Creditors representing at least 80% of the value of the total debt owed to those present at the meeting must agree to the proposal.

• Creditors are unlike to agree to an arrangement that makes lower returns for them than would bankruptcy.

• Gives a detailed financial health-check