With an underperforming and struggling economy, a lot of businesses and companies are facing massive losses or even bankruptcy. Because of this, more employees have been sacked from their jobs and have removed their primary source of income. Without a stable source of income, consumers are struggling to cope up with their loan repayments and monthly dues. (more…)
July 27, 2010
Erasing Debt with IVA
April 27, 2010
IVA (Individual Voluntary Arrangement)
An IVA (which is short for Individual Voluntary Arrangement) is a legally binding arrangement that changes the terms of repayment between you and your creditors. It gives creditors a chance to recover at least some of their money in a situation where there is a high possibility that they would otherwise get nothing.The main benefit of an IVA is that an agreed portion (up to 75%) of your total debt is usually written off at the end of the agreement. Also, your professional status will not be affected and details will not be made public (as happens in bankruptcy cases).You should contact an IVA practitioner if you think that an IVA is the best way to proceed with dealing with your debt problems. (more…)