For many individuals, it is difficult to do debt management and they find themselves in trouble because of non-repayment of loans. Fortunately, there are certain programs developed to help these groups of people such that they can get a relief. If you are in this situation and looking for a possible solution, you can go with individual voluntary arrangements (IVA) program. It is definitely going to help you in avoiding bankruptcy.
Well, IVA is considered as insolvency but it is not a formal bankruptcy process. It is a scheme that helps in extending the duration of loan tenure or reducing the loan amount or both. If you are supposed to opt for this scheme, you need to choose a reliable and qualified insolvency practitioner. It is then possible to get authentic and trustworthy services at a reasonable price. Not to mention, a minimal charge is essential to pay when you avail of this service.
In case you are not sure about the individual voluntary arrangements (IVA)practitioner, you need to do a market research. Once you are satisfied, you can share your situation and show your documents.
Upon verification of the documents and your financial status, you can avail of the facility in terms of reduction of loan amount or increased repayment period or both. This tells that you can ask for both kinds of facilities. It totally depends on your stand in the society.
This information might have cleared your doubts related to IVA and ensures that you can make a decision. In case you are still confused, it is suggested to take advice from experts. It is the ideal way to deal with loan repayment process. You can also share queries by dropping your message below. Our team experts will look after it and provide you with a possible solution.