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Thursday, September 03, 2009

There is help!

Today, I was able to do my rounds here online and surfed some good information from very interesting sites. As a blogger, it is really a good idea to blog hop and browse the web for relevant information. One of the interesting sites I came by today is, where I learned about how their services could help those in need of Debt Management. I also learned about IVA or what is known as Individual Voluntary Arrangement("IVA"), which is a legally binding agreement between the person who will borrow money and all the people and organizations this person owes money from or commonly categorized as the creditors and lenders agreement.

Here in the Philippines, there are so may ways as to guarantee that the borrower will really pay the creditor. One is  the issuance of checks and if they will bounce, the lender will be charged with ESTAFA.. Although in most cases, the creditor also believes that there should be some solid material such as land titles and certificates of ownership aside from the agreement between them.. And some creditors would also resort to getting the ATM card of the lenders for easy access to their payments, and in these cases, the guarantee are usually the monthly salary or bonuses.

With IVA however, with the help of a licensed insolvency practitioner, the creditor will  work out what he or she  can realistically afford to pay back over a period of time. That is usually in a matter of 3-5 years. The good part about this system is that, if  3/4ths of  the creditors agree, all  debts and the future interest on them will be frozen at the time that the IVA proposal is agreed. Isn't that amazing? The creditors will usually let go of  some of the debts owed and at the end of the agreed period these debts are written off provided that the negotiated monthly IVA payments are consistently met.

If you are interested, go to the site and take the two-minute ClearDebt Analyser test to give you a personalized initial assessment of whether a ClearDebt IVA could be right for you!

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