Secured Loan Iva Uk: Ease Your Life Through Settlement Based on Your Term
Secured loan IVA UK is the settlement between the lenders and the borrowers. According to it, the debt is repaid to the lenders by the borrowers based on the legally binding agreement. In 1986, IVA was implemented by government. It stands as a support to the interest of the borrowers and creditors. The contract is legally binding on both of them. The certain portion of your amount is repaid. Further interest on the loan is frozen. This means that no more interest is added with the debt henceforth.
Secured loan IVA UK is the alternate option to bankruptcy. In bankruptcy, your job may be at stake and your bank account is seized. An Insolvency Practitioner is appointed to take care of the whole proceedings. This prevents the creditors to start bankruptcy. The insolvency Practitioner takes the responsibities so that the borrowers repay the amount to the lenders.
The repayment tenure for secured loan IVA UK is 3 to 5 years. The consent of the creditors is taken into count. Generally, 70% of the amount is written off. But it is not necessary that your solicitor will always be able to manage it. The amount must be over £15,000. This is so because it is expensive procedure.
The eligibility criteria for secured loan IVA UK are:
You must be a resident of UK.
The amount should exceed £15,000.
Creditors do not allow less than 30% debt.
You must owe the amount to three to four different creditors and not different debts to the one bank.
You must be employed or have a regular income. This should be supported by papers. The amount of income must be greater than £1200.
You must not possess material assets of any kind to be used to pay the debt off.
Christian Phelps is a Masters in Accounting and Financial Management from Lancaster Uni. Management School. He has been working with loan for IVA since his academics got over. To find Mortgage IVA UK , IVA London, advice IVA UK, advice debt IVA UK ,debt consolidation for people with bankruptcy visit http://www.ivauk.me.uk