You intention of proposal to your debtor for loan repayment is moderated with Creditfix IVA Advice to give you ultimate protection from legal actions and bankruptcy. The advisors here know how to formulate the proposal with respect to your existing outstanding debt, assets and liabilities in such a manner that you end up repaying the least possible principal sum within the span of 60 months. Practically speaking no creditors will be willing to waive off more than 50% to 60% of your outstanding loan. Creditfix IVA Advice can help you achieve the maximum possible waiver at the time of your proposal.
Practical approach to problem solving with Creditfix IVA Advice
The experts at the Creditfix IVA Advice are well versed with the insolvency act part VIII of the UK which is related to the IVA. The law is subject to amendments about which the experts get immediate updates. Hence they are able to extract all those points from the law books which go in favor of you as debtor.
- Every meeting between you and the creditors will be arranged with notifications through the court of law under section 256A of the insolvency act of UK. Minutes of the meeting are prepared and the outcome is legally documented with court’s seal. Hence you can be assured about any of the commitments made by your creditors about the waivers offered to you.
- At the same time you should be able to honor all the commitments which you make from your end. Failing in this part gives an absolute authority to the creditors for imposing fines and force you into bankruptcy.
- All the decisions about the approval of the IVA will be taken under section 257 of the Insolvency act for IVA. The Creditfix IVA Advice will ensure that none of your rights over your assets are affected by the end of the meeting. This is also guaranteed by the section which protects the rights of the creditors also.
Management of IVA with Creditfix IVA Advice
The law authorities will be enforcing the follow up of agreements between you and your creditors through the insolvency practitioner. Though they are chosen by you, they can’t be expected to bend the rules according to your favor or those of the creditors. Hence you need to be open minded with the Creditfix IVA Advice during your transactions and communications.
If your financial position improves during the repay period, you should inform the experts at the Creditfix IVA Advice immediately. This will enable them to enhance the monthly installments which close your debt earlier than the scheduled time. In case of your financial condition worsens the experts at the Creditfix IVA Advice can help you in reducing the total outstanding sum as well as the monthly installment sum.
In some cases you may choose to remortgage your asset like house or land in order to clear the debts during the repayment period. In such cases also the Creditfix IVA Advice can help you get out of debt problems.