Individual Voluntary Arrangement or IVA is a formal binding agreement between debtors and creditors to make repayments over a period of time. This sort of arrangement usually runs for five years and can simply be set up by a registered professional like an Insolvency Practitioner. Through IVA, individuals can now pay off all of their debts in by making a reasonable monthly payment.
But before you get too excited about acquiring such debt solution, it is strongly advised to first seek the guidance of a professional advisor. In this manner, you will know every necessary detail regarding IVA and if it’s actually the right debt solution for you. Hence, in order to locate the suitable advisor to work with, below are a few things that you need to think about.
1. They have the proper expertise
When looking for an advisor, you need to guarantee that they are highly proficient in all aspects of IVA. First, they have to tell you if you are qualified to obtain the arrangement or not. Likewise, they have to inform you the debts that can and can’t go into the arrangement.
Keep in mind that a reliable advisor should provide you with the specific information about the debt solution you’re obtaining. Such specifics may correspond with your household income and expenses, total debt, or valuations of any assets. An advisor who can provide such information can also provide you with the reliable financial advice that you require.
Furthermore, a good advisor knows every effect of the debt solution and could properly explain them to you. For example, they need to point out that all fees and interests will be suspended once you get an IVA, and creditors are forbidden from demanding added payments and the like.
2. They are aware of your particular needs
Another quality of good advisors is that they can understand the specific needs of their clients. Remember that it's not enough that the advisor is knowledgeable regarding the areas of an IVA. It's also crucial that they take some time in examining your specific situation financially. To do this, they need to ask you probing questions that will allow them to easily grasp what your financial issues are. This too lets them present you with beneficial tips in paying off your debts and if having IVA is truly the ideal solution for you.
3. They have an in-depth website
This might not come into your mind when looking for advisors but maintaining a website is really a good thing to look out for. Professionals with extensive websites will be a great help for you in finding out what they know or the things they can do. Their online site needs to include informative contents regarding IVA, and discusses various areas just like criteria, requirements, as well as the application process.
These are just some things that you need to take into account when searching for a reliable IVA advisor. By taking note all of these things, you are assured of finding the ideal professional who can assist you in getting the appropriate debt solution that fits your financial situation.