Our calculator will help you to decide whether an IVA is right for you.
If you are low on credit and just want to escape the conditions of bankruptcy then one of the best money saving advice may be to enter into an IVA. Now you may ask “What exactly is an IVA?” An IVA, or Individual Voluntary Arrangement, is a debt solution. It is a simple agreement, where you are required to pay only a single amount per month to your lenders in order to become debt free within a period of five years. An IVA would generally involve your creditors agreeing on writing off a portion on your debt. This is one of the most significant aspects of an IVA that saves you from bankruptcy. In this process, the debtor makes a proposal to creditors and subject to their acceptance, an IVA is created.
To ensure that an IVA is the right debt solution for you, IVA providers are required to discuss all of the options available to you. The simple nature of an IVA makes it easy for the layman to understand the process from start to finish. Throughout the course of an IVA, you will also have direct access to a licensed insolvency practitioner and experienced advisors should you need their assistance.
Many IVA providers have online portals to enable you to familiarise yourself with the company and the services they offer. Additionally, some providers have chat facilities so that you can talk to an advisor with no obligation. Using a reputable provider can help to ensure that your IVA is as simple and trouble-free as possible, no matter how complicated your debt problems are.
One of the most significant benefits of an IVA is that if you are a businessperson, it allows you to continue with your trade, thereby giving you the freedom of continuing with your business without restraint.