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					Debt, IVA's and House Buying Companies
Financial confidence in the UK has been rocked recently by a downturn in
the economy. Many leading economists are saying that we are on the brink
of the first recession since the early nineties. Between 2000 and 2006
there was a 156 per cent increase in bankruptcies in the UK. To combat
this rise and the effect it has on the economy as a whole, the government
introduced Individual Voluntary Agreements in 1986 as a very worthwhile
alternative to bankruptcy.
An Individual Voluntary Arrangement - IVA - is a formal agreement between
you and your creditors where you will come to an arrangement with people
you owe money to, to make reduced payments towards the total amount of
your debt in order to pay off a percentage of what you owe, then
generally after 5 years your debt is classed as settled. Due to its
formal nature, an Individual Voluntary Arrangement - IVA has to be set up
by a licensed professional called an Insolvency Practitioner (IP)
Providing the majority of your creditors decide to agree with your
proposal and approve the affordable settlement amount, this forms a
legally binding agreement or contract that prevents any of the creditors,
(regardless of whether they were for or against the decision) from
pursuing you any further.
Despite being set up in 1986 IVA debt help and UK IVA advice has only
really become mainstream and more popular over the last two to three
years. In fact in 2006 alone, there were more than 15,000 UK IVA
applications that were successfully negotiated by professional IVA
advisers and IVA companies based throughout the country.
The figures show that there was a 400 per cent increase in Individual
Voluntary Arrangements (IVAs) between 2000 and 2006.
Many of the people who have either gone bankrupt or agreed to an IVA
could have considered another option, one to take before things get out
of hand: selling their home to a property buying company. Selling your
house and freeing up valuable capital can often mitigate against or solve
debt problems. But with the downturn in the housing market many people
are struggling to sell their house. House buying companies can often
solve the problems of this slow market by guaranteeing to make an offer
on an property.
Selling your house in this way can allow you to often pay off your debts
without incurring the stigma and hardship of bankruptcy. IVA's can be an
alternative, however they do have downsides: they are usually only
suitable if the debtor has unsecured debts of at least £15,000; The home
and assets of the debtor can still be at risk if the creditors decide not
to exclude them; All IVAs are recorded in a public register and will
almost automatically appear on your credit file. This could affect any
future applications for credit. So a good option can often be to deal
with debt problems before things get to the bankruptcy/IVA stage, and
release the capital in your home, before you credit record is affected.
Quick Move Now
Quick Move Now
Quick Move Properties
Unit 15, Interface Business Park
Bincknoll Lane
Wootton Bassett
Wiltshire SN4 8SY
0800 068 3366
Quick Move Now are one of the leading house buying companies in the UK.
They specialise in providing a quick house sale and will buy my house
quickly. They will buy your house for 90% of its value and can turn
around in 7 days.

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