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The following article was published in our article directory on November 8, 2009.
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Article Category: Finances
There is a growing concern that IVAs have been oversold. There are many causes for believing this to be true. Numerous lawyers and financial establishments jumped at the opportunity of providing IVA solutions. Remember you incur legal charges when applying for an IVA. The internet provides access to firms advertising IVA solutions.
People were at first reluctant to apply for an IVA, but when the recession set in, they went for IVA solutions, or insolvency. Many professionals and business people opted for an IVA over bankruptcy to prevent them from losing their source of income. People who were not homeowners choose for an IVA, as they had no major assets at stake.
Now, reports show that IVAs may have been oversold. Analysis have revealed that a large fraction of people did not pay their dues after the first year; people realised that rather than reducing or curtailing their debts, their debts had accumulated and extended and the 'charges' exceeded refund of their debts.
All these show that IVA's have been oversold. Making creditors correspond with repayment schedule. Then adding their own fees made matters worse for the debtors. Therefore, they simply stopped paying. Homeowners found their mortgage payments extended. Debtors knew that creditors' payments were extends. In fact, they find they are worse off then when they applied for an IVA.
An IVA is a good resolution for people who can lose their source of revenue if they go bankrupt. For others it is not a viable solution. Therefore, if someone suggests you to go for an IVA it would be better to get a second opinion.
In England, there are a couple of forums from where one can get sound advice on an IVA and it is advisable to listen to them. A bankruptcy application is free in most courts and there are no legal charges involved. You file for bankruptcy because you are broke anyway. The court makes out that you cannot pay, so they forbid the charges.
People shy away from bankruptcy because they think it is not the correct thing to do. They feel shame in facing their family and friends, once they are bankrupt. That is why most people prefer an IVA, thinking it to be a better and less dishonourable resolution. It is only when they start repayments they get to know the reality and feel tricked.
If an IVA solution is an opportunity then do your homework first. Try to know how much your outstanding loans are, and the percentage of it that is the interest. When people on an IVA find out that even after paying for some time their loan portion does not reduce considerably, they get upset. That is when they stop repaying. Haggling and threatening to proclaim bankruptcy scares creditors. Because they know, they cannot keep you entrapped with repayments. They will have to resolve with what they get as settlement and they cannot argue upon it. IVAs have been oversold by a very high percent and people already caught in the recession are suffering pointlessly.
Keywords: Debt solutions, debts, debt help, debt advice, consolidate debt, financial advice, debt, finance, financial problems
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