We have experts in Financial management for the past 30 years. Our organisation helps families who can no longer cope with debts and are finding it hard to manage their finances. All of our services are offered free of charge and the information we provide is aimed at helping you get back on your feet.
(UPDATED) Points to consider while opting for an IVA
For people in serious debts or on the verge of bankruptcy, an IVA or an individual voluntary agreement could be a saviour. But it also comes with keeping a strict control on your financial aspects like giving up all your credit cards as well as inability to open any new cards. Choose an IVA only if are sure of being financially disciplined. To know more about IVA, visit http://www.ivadebtcalculator.co.uk/ to consult an expert money adviser, so that you make no mistakes in your future financial planning. They will set up a suitable IVA plan for you, which will help you to clear off your debts over a specific period of time.
IVA being a legally binding arrangement is an alternative debt management solution to filing for bankruptcy and this is applicable for people who are at least £15,000 in debt. The entire programme may take up to five years to be termed complete, if you opt for monthly instalment. Lump sum options are also available for the same. Firms like IVADebtCalculator have experienced Insolvency Practitioners (IP) who makes an IVA proposal and applies to the country court for interim order. This prevents creditors from filing a petition of bankruptcy against you and the IP will make a proposal of IVA to your creditors. On acceptance, the IVA becomes legally binding. It will help you to clear off your debts and start afresh, but you should know that it will affect your credit rating as well as your freedom to apply for mortgage and your prospects to get a new job.
Your credit rating gets affected as the information stays in your file for up to six years. IVA is a great way to preserve your valuable assets. The equity clause in IVA can protect your home, if you apply for a re-mortgage or a secured loan to repay some of the debt. Get professional advice regarding IVA from experts like IVA Debt Calculator, prior to entering into an agreement. However, the IVA process can be expensive and the cost is included in your debt repayments. It can protect you from creditor action, provided you maintain the payments that you have agreed to. It will also be listed on the online insolvency register and is made publicly available. Such information may be used by creditors and credit reference agencies.
Bully-Banks – Help Us Help You!
A small group of people who had been a victim to the mis-sold interest rate swap products came up with the idea to start a small organization in 2011, which would help people with the same problem and voice their issues over media. They named it Bully-Banks and the owners of all the SMEs who were a target to the mis-selling Interest Rate Swap Agreements (“IRSAs”) coordinated with them. By the end of 2013 Bully-Banks entailed over two thousand members which meant it comprised owners of more or less two thousand small or mediocre sized businesses who were given a vague agreement at the time of closing the deal.
Bully-Banks (Veritas Treasury) welcomes the owners of all other SMEs who are also of the view that they were a victim of betrayal when it comes to the IRSA. The larger the size of the group, the better is the chance of their voices being heard. They plan on making the group big enough that their petitions would be considered worthy to be demonstrated over media.
Aims and Objectives of Bully-Banks
The following are the basic aims and objectives of this group;
- To be politically and commercially freed of all sorts of subjugations
- To represent all the issues that concern the owners and members of SMEs who fell a victim to the IRSAs
- To provide the owners of the affected SMEs with a platform to raise their voices against the low act of the banks
Bully-Banks was successful in voicing most of the issues over media. Their complaints have been submitted to the Parliament and not only that, the FSA (Financial Services Authority) took the complaints under consideration. There have been many other small groups that were formulated against the banks who carried the illegal act of interest rate swap mis-selling. Due to lack of resources they could not go as far as Bully-Banks did, but what is important is that there is a platform available for people who could otherwise not voice their problems to media and create awareness among other locals of the area to beware of what they are heading into.