The Individual Voluntary Agreement is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to. This agreement helps you to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe. Your total outstanding is classed as settled within five years. Due to its legal binding nature, an Individual Voluntary Arrangement needs to be set up by a licensed professional called an Insolvency Practitioner (IP) It is a technically legally binding agreement between you and your lenders (people you owe money to). It helps those in financial difficulties to make a formal proposal to settle their loan burden. Monthly payments are based on an affordable disposable income of the applicant. Once the final payment is made, any outstanding debt is legally written off from the applicant’s account. The arrangement can write off up to 65% of your total debts (subject to your circumstances).

When you undertake the IVA, your circumstances and ability will be undertaken by the IP to maintain your monthly payments is reviewed regularly. These are normally conducted once in a year. If during these reviews, if it is found that your circumstances have not changed, then you will continue to make your monthly IVA payment as previous. If however, your circumstances have changed for the better ends, you may be asked to increase your monthly outgoing accordingly. If during the period of your IVA your circumstances becomes worse and you cannot maintain the mutually agreed payments. In such scenario, the IP can ask your creditors if they will agree to vary the terms of your proposals. If up until that time, you have maintained your payments without problem, your lenders may be mindful to accept such changes.

Now, since, you are a tenant, you hail from a large section of the society, who are living as non-homeowner. With these circumstances, you usually get a narrow scope for availing a financial assistance. But, your requirements are not confined with your circumstances and can be essential to finish it at a time. Taking the account of that huge population who are getting harder while availing a loan, now Tenant Loan are brought into provision. One can avail this loan facility, regardless of his/her status of homeowner or tenant, as no collateral is required here.

Tenant loan is collateral free financial help that can be obtained without putting any collateral. Now, all kind of tenant viz. council tenant, housing society tenant or even tied tenant are eligible to avail this loan. A tenant of having age of at least 18 years with a regular income source is liable to apply for this loan.