An IVA (individual voluntary arrangement) is a set up under a debt management company who consigns a debtor to an insolvency Practitioner to exercise an agreeable monthly arrangement for the debtor's creditors concerned. It is not alike to bankruptcy, an IVA debt solution is kept very private and therefore, no-one ever know of debtor's financial difficulties. Further, availing the facility of IVA debt solution saves debtor's money can considerably cost cheaper to other debt solutions.
The procedure of IVA debt solution is not to be confused with the formal procedure being carried out by commercial organisations as advertised on television and in the daily tabloids. The IVA debt solution enables debtors to cut their debts to an affordable level and clear them over a fixed period. The compromise should offer a larger repayment towards their debts than could otherwise be expected were you to be made bankrupt. Under the IVA debt solution provision, entire of the process is kept confidential which are only known to debtors and their creditors concerned.
Followings are some of the salient advantages for the debtor at the same time as they are in an IVA debt solution:
&bull A debtor does not suffer the stigma that surrounds bankruptcy
&bull The required monthly repayments are set at an affordable level for the debtor, allowing them to continue with their life without the burden of their debts.
&bull An IVA (Individual Voluntary Arrangement) debt solution is available to debtors whose occupation would restrict them from going bankrupt
&bull A creditor cannot take legal action against the debtor.
&bull A creditor cannot request changes to the agreed monthly repayments
&bull This debt solution agreement will not last more than 5 years.
&bull If all the original debt is not repaid within this 5 year period, the creditors are obliged to repay the remainder or extend the repayment period to the feasible condition
&bull A debtor's home is not at risk to the creditors.
&bull The agreement is private and the debtor's employers will not be notified.
&bull An IVA allows the debtor an alternative to Bankruptcy.
&bull The agreement is private, and although it is recorded on the IVA register and the credit register, it is not published in the press.
Availing the benefits of IVA debt solution is not remained a distant dream, since many commercial institutions and high street buildings have come forward to this generous job. Available online and offline service of IVA debt solution has further made the task much simpler. Owing to great influx of debtors in the money market, lenders have started dispensing the IVA debt solution program more online than offline. The accessing online further makes the task of debt solution rather easy and convenient to the debtors.
