Individual Voluntary Arrangements (IVAs)

An IVA or Individual Voluntary Arrangement is a detailed repayment plan to help you deal with your built up debt.

What is an IVA?

If you ever wonder What is IVA Well, it isn’t an acronym for some covert government agency IVA is actually the acronym for Individual Voluntary Arrangement, a rather beneficial financial arrangement for people who find themselves somewhat over their heads in debt It works much as a lifesaver does when you are in the middle of the ocean Now that you know the answer to What is IVA You should determine whether it is the right financial tool to help you with your problem

What is IVA The Origins
The process was actually introduced in 1986 and currently allows many people in severe financial debt to avoid having to declare bankruptcy It is a process that works for many who have debts exceeding £12,000

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What is IVA Protection

The IVA is a legal agreement that protects you against future actions taken against you by creditors When you commit to an IVA you are allowed to pay off part of your debt for a sixty month period and agree to pay whatever you can on your debt for a five year period In return, the amount you cannot pay is written off The process keeps the creditors from banging constantly at your door

What is IVA Types
The type of IVA you get depends on the Individual Voluntary Arrangement provider you find to negotiate with your creditors The procedure lasts for a five your period after which the remaining debt is written off

What is IVA and Who is it For
This procedure works best for individuals whose debt becomes quite large, in fact too large to repay in its totality It is an alternate option to the more damaging bankruptcy The process involves drawing up a contract, in which smaller manageable payments are made over a 5 year period This IVA will prevent you from incurring additional interest and stop those horrible letters and demanding phone calls from occurring

To see if you qualify, an assessment of your financial position is needed and an Insolvency practitioner will present your IVA proposition to your creditors If the creditors agree, the IVA contract is drawn up and your lower payments will start relieving some of that stress

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