What does an Insolvency Practitioner do?
When preparing a proposal for an IVA, the professional help of an Insolvency practitioner who will overview your case is not only recommended, but mandatory by the law within the United Kingdom. The IVA, or Individual Voluntary Arrangement is a legal alternative to bankruptcy that can come to the aid of individuals who find themselves on the brink of insolvency.
An IVA can help you to get out of debt by restructuring your debt repayments according to what your financial possibilities are, by merging them into one simple monthly payment.
But what is an Insolvency practitioner?
In layman’s terms, an insolvency practitioner is a professional accountant who specializes in insolvency services. They study and go through rigorous exams that deal with the different and intricate aspects of insolvency. An insolvency professional generally has the freedom to choose his field he specializes in, be it personal insolvency (in the case of Individual Voluntary Agreements, or IVA’s) or company or corporate liquidations.
He is the person who analyses the insolvency situation, handles the long term negotiation with creditors, and prepares the Iva proposals that will be hopefully accepted, so that you may get out of debt.
What can an Insolvency practitioner do to help you?
An IVA involves you renegotiating your repayment with your creditors, with the help of a licensed insolvency practitioner. If successful, a legally binding IVA will guarantee that you will have your interest frozen on your debt, and even find the total amount is reduced according to what you can realistically afford. An IVA runs for an agreed period of time, which usually lasts five years.
At the end of this period, you will be declared debt free, no matter the total amount of money that you have paid (which could have you reduce your debt by as much as 80%). In exchange for all of these benefits, you are required to pay everything you can, outside principal living costs.
To access an IVA payment plan, contact our team of experts, and an insolvency practitioner will start analysing your case in order to see you come out of your debt as quickly and as effortlessly as possible.
