Why does one need an Individual Voluntary Arrangement [IVA]?
The answer is pretty simple to this question. There are many people out there who are struggling to repay their loans. The IVA or Individual Voluntary Arrangement turns out to be a good option for such people and thus reduces their burden and ensures that they get rid of this problem safely.
It becomes easier to repay your debts back to the creditors with the aid of an IVA. It becomes easier to manage as all your debts are combined into one and all you need to do is pay an affordable amount monthly to an Insolvency Practitioner who will manage all the payments to be made to your creditors. It would be made sure that your living expenses are taken care of during this process.
An IVA arrangement reduces the stress of the debt problems in your life. Your lenders cannot take any legal action against you as long as you abide by the terms of an IVA arrangement. No action can be taken by your creditors to recover any debt amount that hasn’t been mentioned in your IVA statements. All the interest of additional charges will be frozen while under an IVA.
Once the tenure of an IVA ends, all the remaining debt amount would be written off and you would be able to make a fresh start as far as your finances are concerned.
Things to keep in mind while entering an IVA –
There are certain things that one needs to keep in mind while entering an IVA.
The creditors can request for your bankruptcy if you fail to adhere to the terms of an IVA. However, this is unlikely to happen.
You have the right to review all the terms mentioned while proposing an IVA to your debtors.
Only the debt amount mentioned in the proposal needs to be repaid. No additional amount can be demanded by any of your creditors.
IVAPros is a leading organisation that offers all possible help that one needs to enter into an IVA arrangement. We ensure that we manage the entire process on your behalf and make the entire process stress free for our clients. Our experienced Insolvency Practitioners will ensure that the entire process is smooth and you wouldn’t have to worry about anything else. We have successfully helped a lot of people repay off their debts and start a fresh financial chapter in their lives.