The weak economy of countries have severly affected companies and business firms . A lot of professionals have lost their jobs or have received minimal income which for the later part create a domino effect . Without enough money, consumers are unable to pay their dues on time and are charged with punishing penalties . With soared up interest rates of most credit cards, card users are forced to pay hefty monthly bills. More people are being lured to the deadly trap of debt.
Read more on IVA: An Effective Alternative to Bankruptcy…
People have to live so in assessing which bills to pay first, one must consider the essentials of life – food and shelter.
Tags: Debt Management, debt management plan, dmp, individual voluntary arrangement, Individual Voluntary Arrangements, Insolvency Practitioner, iva, paying bills, paying priority debts, priority bills, priority debts.
The weak economy of countries have severly affected companies and business firms . A lot of professionals have lost their jobs or have received minimal income which for the later part create a domino effect . Without enough money, consumers are unable to pay their dues on time and are charged with punishing penalties . With soared up interest rates of most credit cards, card users are forced to pay hefty monthly bills. More people are being lured to the deadly trap of debt.
Read more on IVA: An Effective Alternative to Bankruptcy…
If you are considering applying for an Individual Voluntary Arrangement you should be clear as to what debts must be included and which debts must be excluded in the arrangement.
Role of the Insolvency Practitioner: The work of an insolvency practitioner (IP) is much like that of the dentist. You expect your dentist to examine your teeth (and gums), to explain what needs to be attended to, to outline what treatments are available, to quote for the cost of each alternative treatment and to outline how long each course of action will take. The IP must treat the debtor coming with a financial problem in much the same way: examine your financial circumstances, set out what needs to be addressed, explain what options are available and outline the cost, duration and effects of each course of action. The need for treatment is usually clear and sometimes urgent, it may involve some pain but generally the patient (debtor) can truthfully say afterwards – “I’m glad I did that”. The debtor is not the only one in need of treatment and counseling. Various third parties are affected by the insolvency operation which the debtor undergoes. These include the debtor’s spouse or partner and dependents and of course the creditors. Creditors often have an inadequate understanding of the role of the IP and may see him or her as an adversary to be confronted rather than as an honest broker to be consulted in maximizing the return to creditors while returning the debtor to full financial health.
