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Legally Unaffordable Debts With An IVA...

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Write Off Unaffordable Unsecured Debts

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Successfully Completing An IVA

An IVA is successfully completed when the applicant pays the number of agreed upon payments into the IVA fund and where it applies, after any required property equity has been released.  The Insolvency Practitioner will issue a certificate of completion to the now legal IVA applicant.  If any outstanding debts remain at this point, those debts will be written-off. 

Having outlined all of that, the mystery remains; who pays the fees? Was it the applicant who paid it from his or her contributions but repaid less of the original and saw more of the original debt written off?  Did the creditors stand the cost of the fees by allowing them to be deducted from the IVA fund and then writing off the outstanding balances.   We will allow you to make that determination.  

Failing To Complete An IVA

It is essential to note that in the event that a IVA applicant neglects to abide by the terms of the IVA, things will become worse.  This is largely due to the fact that the initial amounts of money that is deposited into the IVA fund inevitably will be used as the fees for the Insolvency Practitioner and will not be paid to the creditors; therefore, there will not be a reduction in the amount of the outstanding debt .  Failing to abide by the terms of the IVA will result in the write off of the debt not materialising.     

Additionally, the possibility exists that the creditors may tell the Insolvency Practitioner to make a petition for the bankruptcy of the IVA applicant and there will be no refunding of any fees paid to the Insolvency Practitioner or creditors up to that point.

IVAonline.co.uk is very distinct from the mainstream as it relates to us being an IVA provider.  You will never be charged a set up fee for the preparation of the IVA application.  We pledge that if an IVA is not successfully arranged on your behalf, after stating that we are of the belief that we can get an IVA, you will not be required to pay any fees or associated charges.

However, there are other IVA companies which will charge you fees even if your IVA application failed.  They do this by billing you for the preparation work that they carried out on your behalf.  You are expected to pay these fees even if you were not approved for an IVA.  In a situation like this, it is possible that you would be required to pay 3 to 4 months IVA contributions.  If these monthly repayments are £350 each month, you could be billed as much as £1,400.  This is an indication that it is essential to get representation from the right IVA company.

IVA

Do I Qualify?

By answering a few simple questions, our calculator will see if you can qualify to write off your unaffordable unsecured debts.

Be free from the pressure of debt!

An IVA only lasts for 60 months (5 Years). As long as you keep up repayments any unnafordable unsecured debts are written off.
Do I Qualify? No Credit Checks

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Simple Financial Solutions Ltd (SFS) is an introducer and not an insolvency practice. With your approval, following advice from your SFS adviser, if you choose to go ahead with an IVA then we will pass a completed fact-find to an Insolvency Practitioner who will then present a proposal to your creditors.

IVAonline.co.uk © 2017 All rights reserved. IVAonline.co.uk is owned by Simple Financial Solutions Limited. Simple Financial Solutions Limited. Registered office: Sovereign House, 58 Elliot Street, Glasgow, G3 8DZ. Company no: SC382881. FCA Authorisation: 0641275. Data Protection registration no: Z2440933.

All topics covered are written by the author John Woods for the IVAonline.co.uk website. Debt Solutions Subject to conditions and acceptance. Credit rating may be affected. Repaying debt over longer period may increase the total amount to be repaid. Fees payable if continuing services provided. Alternative free-to-consumer debt advice organisations as recommended by the Money Advice Service. Call charges may apply if calling from a mobile. *You may be required to pay a contribution towards your debts. This contribution is assessed based on your income and expenditure and can last for 60 months or longer.