It is possible for you to get Lowell debt settlement help with the use of an IVA. Individual voluntary arrangements are arrangements designed by a debt relief company through an IP to make sure debt collectors leave you alone. Some specifics about an IVA to know
You qualify for this arrangement if you are in debt of £5000 or more. At times, it can be a little less based on your situation and how you open up to the insolvency practitioner to help you.
Most times, you will need to pay at least £80 every month into the arrangement. This amount can also vary based on individual situation.
All debts are consolidated into one huge amount. So, when payments are made at the end of the month, it is made once. This helps you to concentrate on other areas of your life and not think about how to make these payments and so on.
Immediately Lowell financial welcomes or accepts the agreement, there is no way they can add up to your debt any interest. Interest addition freezes and that is a good thing.
Payment is made for 5 good years. After these years of monthly payment, the rest of the amount is cleared off. This is always the best part of the whole experience for many people.
You begin your financial life all over with a brand new credit report. So, after an IVA is complete, you have a fresh credit to build and that means a new chance to do what is right.
These debts calculated into ivas are only unsecured debts.
You need to have at least two creditors.
Most times, after Lowell finance issues are sorted out, an insolvency practitioner doesn’t want you back to their office for help. So, they try to teach you some important ways to ensure you do not engulf yourself in debts again.