London, England -- (SBWire) -- 07/02/2013 --Statistics indicate citizens of Scotland encounter approximately 10,000 new debt issues each business day. Such problems create increasing financial and emotional hardships for those being faced with excessive debt. In an effort to help families finding themselves in this situation, IVA Hero has launched a campaign to increase public awareness of their debt reduction solutions.
Simon Peters of IVA Hero explained, "Even though the IVA, or Individual Voluntary Arrangement, program has been in existence since 1986, many consumers are unaware of the benefits offered by this debt solution. Those with finding themselves overwrought with unsecured debt, including general credit cards, in store credit accounts, bank loans, overdraft fees, past due utility bills and similar situations may utilize our services in order to avoid bankruptcy. This arrangement, made between a debtor, unsecured creditors seeking reimbursement and a licensed Insolvency Practitioner, can help consumers reduce their current debt by up to 60 percent."
Continued Peters, "Those seeking debt relief through an IVA, or a Trust Deed in Scotland, must provide an Insolvency Practitioner with information outlining their income, assets, typical expenses, debts and creditors. After taking all these matters under consideration, the IP will meet with any creditors involved in the arrangement and will attend on the debtor's behalf, allowing the debtor to avoid a face to face confrontation with their creditors. Providing those creditors holding more than 75 percent of the debt in question are in concurrence with the terms of the agreement, it will be approved. The final amount owed by the debtor is based upon the original amount of debt as well as the amount the debtor is financially capable of repaying. The debtor is able to make affordable monthly payments toward the consolidated balance of their debt with the IP being responsible for completing the paperwork, administering the arrangement and distributing payments among any creditors included in the agreement.
"During the process of arranging a Trust Deed or an IVA, creditors are not permitted to contact debtors in an attempt to force payment of debts," stated Peters, "By taking part in this type of agreement, debtors are able to effectively reduce their debts, avoid any threatening calls and letters from their creditors and place themselves on the road to becoming debt free. In the event the debtor's financial situation changes during the 5 year course of the agreement, this change should be reported to the IP immediately. If the debtor is subjected to a decrease in monthly income, the IP may be able to convince creditors to lower their monthly payments. Increased monthly income may allow the debtor to pay off their agreement in a smaller amount of time. Those in need of assistance with overwhelming debt may contact IVA Hero at www.ivahero.co.uk/ivas/iva-in-scotland-or-scottish-trust-deed.html."
About IVA Hero
IVA Hero is a debt consolidation and reduction company offering assistance throughout the UK. In addition to IVA and Trust Deed options, they offer a number of debt solutions for eligible debtors.
