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Is an IVA Right for You? Take the Test!

  • Vegmund
  • Credit

An IVA doesn’t just sound like a great alternative to bankruptcy – it really is. Not only does an individual voluntary arrangement carry considerably less social stigma, involve less psychological stress and is even possible for those currently on a debt management plan. A well-prepared and successful IVA truly promises the perspective of becoming debt-free again at the end of its term and thus opens up a path towards a future without worries. Needless to say, then, professional IVA advice for those in debt is vital. After all, not everyone qualifies for an IVA and even those who do benefit greatly from careful preparation. Which is why it is recommended to take an IVA test first to see whether it is right for you.

IVA test stage one: Test your financial means

An IVA makes sense only if you are actually capable of repaying a mutually acceptable part of the original sum owed to your creditors. The idea behind an IVA is not to just write off all your debts, after all, but rather to provide for a reliable legal framework within which repayment, albeit only partial, becomes possible and attractive to both sides. So our first piece of advice with regards to an IVA would be to thoroughly test your own financial means. It is essential, for example, that you are able to pay back a fixed monthly sum. You also need be aware of the fact that although an IVA is generally – and correctly – regarded as less harsh than a bankruptcy, it is still an incisive measure. It will damage your credit rating and may make it harder to get a mobile phone contract, too, for example. As part of your personal IVA test, you should therefore first make sure that there really is no way for you to repay your debt in full.

IVA test stage two: IVA criteria

Once you’ve determined that an IVA is the right tool to fight your debt, you can already easily test some of its most basic criteria right now:

  • Are your overall debts greater than ?12,000? They need to be for an IVA to be possible, since the measure is not intended as an easy way out for those with just minor debts. If they’re not, ask a professional debt management company for advice on suitable alternatives to an IVA.
  • Do you have at least two lines of credit with one creditor? You need to have debts with two or more institutions to be able to reap the benefits of an IVA.
  • Is your disposable income over ?150 per month? This is an essential part of an IVA test since, as mentioned, an individual voluntary arrangement is aimed at those committed to and capable of repaying at least a sizable chunk of their credit.
  • Have you allowed for the necessary living expenses in your repayment plan? An IVA test frequently falters at this stage, since all too many applicants reserve next to nothing for food, clothing and travel costs. This amounts to another essential piece of IVA advice: Being realistic will greatly enhance the chances of your IVA being accepted.

IVA test stage three: Get professional IVA advice

Even if you’ve informed yourself and answered the above mentioned questions to the affirmative, an IVA remains a delicate matter. It is therefore recommended that you consult a professional debt management company for advice and make a free IVA test to determine whether or not an application makes sense.

Some Information About Title Deed

  • Vegmund
  • Credit

The title deed is a deed instrument in which it is showing that the title of the property is officially held by the owner. The title deed is the documents that convey ownership, rights and obligations on the property to the owner as it is mandatory registered at the land registry office. That is why it is a real asset ownership certificates. It is needed by anybody who owned any real asset or property.

The title deed is a most commonly used deed documents as a proof of the ownership of real assets. To get a title deed you have to apply first to the title deed agency after getting the certificate from the land or vehicles registry office on purchase a new property and after that the agency will issue a deed of title. This deed also has a description of the property in details along with the details and signature of the property owner so that anybody can identify the property which is written on the deed.

The deed of title is recorded with proper seal of regional registry official. Even sometime it is signed by a witness like the regional Clerk. If there are more then one owner of the property the deed of title has to record all details and signature of all owners. When the property is sold a new title deed is issued to the new owner with his or her name. There is flexibility on adding a new name or removing any old name in case of multiple owner from the deed of title. To have this facility you have to go to the deed’s respective agency from where the title deeds are handled.

The deed of title is a most used and famous deed instrument in anywhere of this world and it is know also as property or land certificate in United Kingdom.

Second Mortgage - How to Get It?

  • Vegmund
  • Credit

A second mortgage is also known as a home equity loan. That means that you borrow money against the equity (the money you have already paid into repaying your loan) in your mortgage. To prepare to apply for an equity loan, have a clear goal in mind. Be sure that you can afford the payments you must make on this second mortgage, as it is separate from your original mortgage. You will need to have your home appraised so the lender will know your home's current value. Think about fees and closing costs. Be careful that you use only trustworthy lenders and make sure that you understand the terms of your loan so the opportunity doesn't turn into a nightmare.

To get a home equity loan, you must have some equity. If you have more than 20% of the value of your home in equity, you have enough to get a good second mortgage. Please note that the value of your home is what the appraiser says the current value of your home is, not what you bought the home for. If you don't have at least 20% equity, you can still get a second mortgage, but you may be required to have private mortgage insurance. This may render a second mortgage useless due to the extra cost. If you have lots of equity, you should have no trouble acquiring the money you need.

The next step in getting a second mortgage is to shop around. With so many great offers, like no fees or closing costs, not to mention extremely low interest rates, you should look around for the deals you can get. Looking online is your best bet for finding both a loan to suit your needs and great promotions. Make sure you look at reputable sites. Check a lender rating web site to find trustworthy companies. There are some pretty unbelievable offers available, but don't believe everything you see.

Finally, apply and pick out the loan you want. Read all the fine print and educate yourself about anything you don't understand. Little things like prepayment penalties don't sound like a big deal, but can lock you into something you didn't even know you were getting into. Second Mortgages often require insurance or higher interest rates because they are higher risk. Home equity loans are essentially another loan on top of all other debt. So make sure that the loan is on terms you can accept.

The siren's call of getting some monetary benefit out of what you have already paid on your mortgage before you have finished paying for it is almost impossible to ignore. The possibilities are endless. But take great care and make sure you understand that this is just another loan. It is two loans to pay on instead of one. It can also be very worth it. You might increase the value of your home by using the money to make improvements. There are undeniable pros and cons so think through it and make sound financial decisions.