Individual Voluntary Agreement Specialists

Individual Voluntary Agreement Specialists

Before beginning your hunt for individual voluntary agreement specialists, you need to keep in mind the fact that an individual voluntary agreement is not available to people living in Scotland. Scottish people have to make do with the Trust Deed which works very like an individual voluntary agreement and can help them to achieve similar results. however, for those of you that are living in England, an individual voluntary agreement will work for you admirably well – provided you are eligible to enter into such an agreement.

Individual voluntary agreement – a formal contract

An individual voluntary agreement is a formal contract entered into by a debtor and their creditors and requires that the creditors agree to receive monthly payments from the debtor for a certain period of time. At the end of this period, the debts owed by the debtor will be wiped off including the unpaid part of the debt. The main benefit of entering into such an agreement is that the debtor can become debt free without needing to file for bankruptcy and the creditors will receive at least the same amount of money as they would have if the debtor had filed for bankruptcy.

Obtain a few quotes

Before selecting one of the many individual voluntary agreement specialists that do business over the internet, you should make it a point to obtain quotes from at least 2 or even 3 different and reputable individual voluntary agreement specialists. These individual voluntary agreement specialists will offer their own rates and so the more you compare them the easier it becomes to find the best individual voluntary agreement specialists.

Too many shady 'specialists'

However, it is important to deal only with reputable individual voluntary agreement specialists as there are far too many companies that pose as individual voluntary agreement specialists but in truth are only interested in depriving their clients of their money. In order to pick the best individual voluntary agreement specialists, you need to follow a few important guidelines.

It is important that you start off by understanding that if some of the many different individual voluntary agreement specialists suggest to you that an individual voluntary agreement is not the best option for you and instead will suggest alternative solutions. You should not fall into the clutches of such individual voluntary agreement specialists.

However, in order to qualify for an individual voluntary agreement you must meet certain eligibility criteria. To start with, you have to reside in the UK and you must have a minimum of two unsecured debts that you are finding difficult to pay off. The sum total of all your unsecured debts must not be less than fifteen thousand pounds and you must understand that the individual voluntary agreement does not involve taking a loan; instead, it is about coming to an agreement with your creditors about how to pay off your debts.

Finally, be sure that you have a minimum income (monthly) of ninety pounds which can be used to pay off the debts. There are several reputable individual voluntary agreement specialists that are worth checking out. These include names such as NoDebtNow, 123DebtSolutions and SolveMyDebt.

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