The use of an IVA calculator is one of the easiest ways to find out if you need to look at taking out an IVA
Once the idea of financial trouble has penetrated into the immediate part of your mind it becomes necessary to determine if your situation is bad enough to qualify for an IVA, and Individual Voluntary Arrangement. The use of an IVA calculator is one of the easiest ways to make this determination. An IVA calculator is a tool into which one puts his or her information to calculate if his or her circumstances meet the required guidelines.
The first question is about the total debt you owe. This is quite important and must be answered accurately to make any sense. The IVA calculator really can’t comprehend the term, “Lots and lots of money.” The calculator needs for you to actually sit down and figure out to the finest farthing how much money you have borrowed and how much of that money is still owed. Even the best calculator won’t be able to make a “good guess” to get the answer. The second question is closely related as the calculator then wants to know how many different creditors you have. It doesn’t want all their names, just an exact number that it can use in its formula.
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The final calculation needs the exact amount of your monthly expenses
The third fact that the IVA calculator wants from you is the exact monthly income you or the household has coming in. Again, this has to be an exact number and not a reasonable estimate or guess. If the income is not regular, as in the case of freelance writers or self employed contract workers, then the IVA calculator might not be the instrument you need but instead a consultant who can make the figuring on a different formula.
The final calculation needs the exact amount of your monthly expenses. The utilities bill, the rent or house payment, the auto payment, and any other expenses that the household must cover each month. The IVA calculator isn’t trying to pry into your business, but it must have the information to use if it is to find out if you qualify for an IVA.
Once you have entered all the information, then an IVA calculator can tell you what you need to know. The rest is up to you.