IVA Early Settlement – Settle IVA Fast
We at iva settlement can help you if you currently have an IVA and want to pay it. If you are a homeowner, you must have agreed to pay a lump sum by remortgaging your home in the fourth year. This enables your creditor to pay the original amount that you have owned and your superior's fee. We will negotiate on your behalf with your creditors. We intend to reduce payment made by you as well as offer you a remortgage by introducing lenders or to offer a secured loan to fund a settlement offer.
There are many advantages of an IVA early settlement:
- Reduce your monthly outgoings
- No restriction on your income
- Save Supervisor's fees annually
- Rebuild your credit status
Full and Final settlement IVA - With a lump sum
A full settlement IVA is a legally binding arrangement with your creditors which allows you to repay a proportion of your debt in one off lump sum payment. Generally, the lump sum is raised by remortgaging your property. For individuals over retirement age, an equity release scheme may be the best thing.
It is an ideal solution for individuals who are able to raise a sum of money, but after providing for their reasonable costs of living including their increased mortgage payment, do not have any surplus income.
Creditors are likely to accept your full and final settlement if you can demonstrate that this offers a better return than bankruptcy.
Your IVA proposals are put forward to creditors in a document called proposals. The proposals are lodged into Court and your creditors also receive a copy. If your assets are at risk because of action taken by creditors, an Interim Order can be applied for, which means that creditors cannot commence or continue with any action against you and your assets unless the Court permits them to do so.
Once your IVA is approved all interest and charges on your unsecured debt is frozen. Also due to the fact that an IVA allows you to repay a proportion of your debt, then as long as you adhere to the agreed terms, the remaining balance of your debt will be written off. |