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Thousands of UK households are facing difficulty in paying back their debts every year for varying reasons. You may have lost your job, fallen ill, experienced a relationship break up or have simply gotten in over your head … it could happen to anyone!Cost of living has increased, and wages seem to have stood still. It is a fact that we are in difficult times as a nation. One financial solution more and more debtors are taking on, is an Individual Voluntary arrangement or IVA for short. The IVA is a solution typically favored by debtors with high amounts of unsecured debts and who own their own homes or businesses. The person you choose to supervise your IVA debt advice must be licensed and regulated under insolvency law as an insolvency practitioner. Debt Free Advice use ONLY licensed Insolvency Practitioners to offer you IVA debt advice. The insolvency practitioner will charge fees for preparing, negotiating and administering your IVA. Before the IVA professional asks you to sign up to an IVA debt advice, they should give you details of the fees they want to charge you and how these must be paid – whether as a lump sum or from the payments you make into the IVA. TheIVA debt advice professional will prepare, negotiate and administer an arrangement for you to voluntarily repay your creditors. This may be done by using your spare income, a lump sum or other assets that you own. If you have surplus income after meeting your essential household and personal expenses or have assetsthat can be used to pay your debts or have access to a lump sum, for example from a relative, you may then be advised that an IVA is the best debt advice solution. Entering in to an IVA, will protect you from recovery action that your unsecured creditors may take, and will usually involve your creditors writing off part of what you owe them. A proposal for an IVA will only be approved where enough creditors vote in favor, that the IVA is the best debt advice for the debtor. Finding the right IVA debt advice professional isn’t always easy, that’s why it helps to have someone like debt free advice around to help you get the best debt advice and the right IVA specialist. Sometimes the best debt advice isn’t always for the individual to look at an IVA as the option of debt management may be more suitable. For more practical guidance on the different debt advice solutions available, be sure to visit us at www.debtfreeadvice.co.uk where you will find that our specialist debt advisors are experts in IVA debt advice and Debt management programs. For more details please visit:- Free debt advice and debt advice About Author:- Our aim is to satisfy the clients.
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