IVA Advisor: How To Choose The Best One To Work With
Individual Voluntary Arrangement or IVA is a formal binding agreement between borrowers and lenders to make repayments over a period of time. Such arrangement generally runs for five years and can just be set up by a registered professional like an Insolvency Practitioner. Through IVA, individuals could pay off all of their debts in by making a cost-effective payment per month.
However, before you get too excited about acquiring such credit remedy, it is highly recommended to first seek the advice of a professional advisor. By doing this, you should understand every necessary detail when it comes to obtaining an IVA and if it’s really the ideal debt solution for you. So in order to locate the perfect advisor to partner with, here are a few things that you should be aware of.
1. They have extensive know-how
When searching for an advisor, you must ensure that they are highly experienced in all aspects of IVA. To begin with, they need to let you know if you're eligible to obtain the arrangement or not. Furthermore, they should explain to you the debts that can and can’t go into the arrangement.
Don't forget that a reliable advisor should provide you with the specific information regarding the debt solution you’re obtaining. Such particulars may correspond with your household earnings and expenses, overall debt, or valuations of any assets. An advisor who can give such information can also provide you with the solid financial advice that you require.
In addition, a good advisor understands every impact of the debt solution and can explain it to you in a clear way. For instance, they must mention that all fees and interests will be suspended when you acquire an IVA, and creditors are forbidden from demanding additional payments and so forth.
2. They understand your particular needs
One more quality of great advisors is that they can fully understand the particular requirements of their clients. Remember that it is not enough that the advisor is proficient regarding the areas of an IVA. It is also essential that they take some time in looking at your particular financial situation. To accomplish this, they should ask you probing questions that will permit them to easily determine what your financial problems are. This too allows them to present you with useful tips in paying off your financial obligations and if having IVA is truly the suitable solution for you.
3. They have a detailed website
This may not come into your mind when searching for advisors but having a website is actually a great thing to consider. Professionals with complete websites will be definitely great for you in finding out what they know or the things they can do. Their website must include interesting contents about IVA, and discusses numerous aspects just like criteria, requirements, and the procedure for applying.
These are only some of the things that you should take into account when looking for a trusted IVA advisor. By keeping all these in mind, you can be assured of finding the ideal professional who can assist you in getting the appropriate debt solution that suits your financial situation.