All About IVA

Individual Voluntary Agreement or IVA is a formal agreement between a debtor and his creditors. Both parties will come to an arrangement to make suitable payment terms towards a percentage of the total amount of money owed by the debtor. After which, the amount owed is then be considered settled after five years. A licensed, experienced, and knowledgeable third party will set up the IVA for the debtor due to its nature.

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    • Since an IVA is a debt management plan, it ensures the debtor of reducing his debts to a level he can afford. By doing so, he can be assured that his home or employment will not be put at risk. Moreover, a debtor can move on with his life without having to worry about creditors bugging him with endless phone calls and countless summonses. On the other hand, banks and credit companies will have a better chance to obtain more money than they can expect should the debtor decide to file for bankruptcy.

    Consequently, a person with IVA will need to make adjustments to his lifestyle. He will need to stick to his budget to be able to do so.

    Nevertheless, should a debtor complete his IVA successfully, he will be debt free. Hence, it is imperative to stick with the agreement for the duration of the IVA, which is usually within five years. IVA has helped thousands of people in the UK year after year. For those who are struggling with their debts, it would not hurt to seek the advice of professionals. Should you need to do so, http://www.debtsolution.ie is the perfect site for you.