Individual Voluntary Arrangement or IVA is a formal binding agreement between borrowers and lenders to make repayments over a period of time. This kind of agreement normally runs for five years and could just be set up by a licensed professional like an Insolvency Practitioner. Through IVA, individuals could pay off all of their debts in by making an economical payment per month.
However, before you get too excited about obtaining such credit solution, it is strongly suggested to first seek the assistance of a qualified advisor. By doing this, you’ll be aware of every significant detail about getting an IVA and if it is truly the right debt solution for you. Therefore, in order to find the right advisor to work with, here are a few things that you should think about.
1. They have extensive expertise
When looking for an advisor, you should ensure that they’re highly knowledgeable about every aspect of IVA. First of all, they have to let you know if you are eligible to obtain the agreement or not. Moreover, they should discuss with you the debts that can and can’t go into the arrangement.
Keep in mind, a reliable advisor should provide you with the exact information about the debt solution you’re obtaining. Such specifics may correspond with your household earnings and expenses, total debt, or valuations of any assets. An advisor who can present such information can also provide you with the reliable financial advice that you require.
Furthermore, a great advisor understands every implication that comes with the debt solution and can clearly explain it to you. For instance, they should mention that all fees and interests will be suspended once you get an IVA, and creditors are disallowed from asking for extra payments and so on.
2. They understand your particular requirements
Another quality of good advisors is that they can fully understand the particular requirements of their clients. Keep in mind that it is not enough that the advisor is well-informed regarding the aspects of an IVA. It is also crucial that they spend time in checking out your specific financial situation. In order to do this, they have to ask you probing questions that will enable them to fully understand what your financial troubles are. This too lets them supply you with beneficial information in paying off your obligations and if getting IVA is really the perfect solution for you.
3. They have a comprehensive website
This might not come into your mind when searching for advisors but having a website is actually a great thing to think about. Experts with comprehensive websites will be truly beneficial for you in figuring out what they know or what they can perform. Their website needs to include informative contents regarding IVA, and explains various areas including criteria, requirements, and the procedure for applying.
These are just some things that you have to take into consideration while looking for a trusted IVA advisor. By keeping all of these in mind, you can be sure of finding the best professional who can assist you in getting the right debt solution that suits your financial situation.