Individual Voluntary Agreement UK

Individual Voluntary Agreement UK

If you are living in the United Kingdom and you have clear and unsecured debts that amount to over twelve thousand pounds, it is time for you to look for individual voluntary agreement UK solutions. An individual voluntary agreement UK is an excellent alternative to filing for bankruptcy and in fact, individual voluntary agreement UK is the best way of writing off a portion of your overall unsecured debts.

Individual voluntary agreement –consult a specialist

If you are looking for an individual voluntary agreement UK, then you should consult a specialist in Insolvency Practices. Harrington Brooks is an option that is worth checking out as they can help in arranging an Individual Voluntary Agreement to suit your particular circumstances.

Repay your debts through negotiated agreement

Essentially, an individual voluntary agreement UK is plan that helps you in repaying your debts in a negotiated manner. In this agreement, the debtor and their creditors will thrash out an agreement – the individual voluntary agreement UK agreement - which will then ensure that each party will then have to comply with the details as laid out in the agreement.

Wonderful alternative

An Individual Voluntary Agreement will potentially help you in writing off your debts that you are not able to afford to pay off in the normal course of events. Therefore, an individual voluntary agreement UK will provide you with a wonderful alternative means of getting rid of your debts and without needing to file for bankruptcy.

Once the individual voluntary agreement UK has been set up, and provided the debtor continues to pay off all their monthly repayment obligations, the creditor will then be prohibited by law from charging you for late payments and they cannot make the debtor pay any interest either.

Reduce your debts

With an individual voluntary agreement UK, you can reduce your debts as you will only be repaying some part of the overall debt. You can also get to reduce your monthly payments and will in fact be paying less each month as compared to what you are presently paying. An individual voluntary agreement UK will also ensure that you can get to reduce your payment term. In fact, after sixty months, you will be debt free. This agreement will also stop interest and other charges and your debts are going to be frozen and will not increase.

An individual voluntary agreement UK will also stop your creditors from badgering you for payments and so the debtor will have bought some time. In addition, this agreement will help a debtor in avoiding having to file for bankruptcy and your individual voluntary agreement UK will remain private which is not possible in a bankruptcy. Best of all, an individual voluntary agreement UK will protect your home and you, the debtor, are assured of retaining ownership of your home and other important assets.

With an individual voluntary agreement UK, the standard term for which the agreement is valid is never more than sixty months. Thus, after this period, the debtor is assured that their outstanding debts will be written off. In addition, such an agreement also provides legal protection of bankruptcies while still remaining an agreement that is entirely private.

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