What is IDRP (Independent Leading Debt Relief)?
Our specialists will assist debtors in negotiating and developing a repayment plan after the restructuring. Comprehensive Debt Relief Plan.
IDRP Leading Debt Relief is a simpler version of DRP, as it does not need to negotiate independently with individual creditors.
Our experts will work out a repayment plan according to the debtor’s repayment ability, which includes monthly repayment, interest rate and repayment terms.
“Leading Debt Relief” is an alternative way to Bankruptcy/DRP/ IVA and does not require the debtor to go through any legal proceedings as required by the IVA.
Benefits of IDRP:
The interest burden will be reduced, and the comprehensive repayment plan will be based on the debtor’s ability to repay, so that the debtor can achieve financial freedom, save money, and the debtor will not need to hire a lawyer or file a petition to the court as the IVA Individual Voluntary Arrangement. Through the repayment plan of the IDRP, debtors can save the legal complications associated with their debt. The debtor may consolidate the debt and pay the related arrears to the creditors within the expected time.
Qualifications for application:
- Bank records
- Amount of loan for debt restructuring
- Income proofs
- Tax returns (if any)
- Amount of repayment
- Interest rate
- Terms of repayment
What is the difference between IVA, DRP and IDRP?
Compared with the DRP/IVA Debt Relief/Debt Restructuring Plan, the main difference of IDRP Leading Debt Relief Plan is that it only deals with the largest creditors, instead of having to arrange individual negotiations with other creditors, resulting the application to be much easier. Moreover, it does not involve any legal process.
IDRP is simpler than IVA and DRP, This is a relatively faster solution.
It does not require the debtor to participate in any legal proceedings. A repayment plan with the debtor’s consent will be formulated for the development of the negotiation with the creditors. IDRP allows the creditors to contact the debtors directly.
Under normal situations, the IVA debt restructuring process is a relatively long one that includes legal proceedings and an oath at a law firm. And in the course of the process, the debtor shall appoint a surrogate person who needs to hold professional qualifications.