Our calculator will help you to decide whether an IVA is right for you.
IVA, or individual voluntary arrangement is a simple arrangement by which the borrowers pay a monthly sum to the creditors so as to become debt free in a fixed period, usually five years. Conditions of IVA revolve around convincing the lenders to reduce the monthly instalments of the loan amount so as to make it payable for the borrowers. By drafting and getting approval of IVA proposal, one can avoid distressing conditions of bankruptcy.
The premium benefit of IVA is that the due debt of the borrower is considered as “priority debt” by the online debt management company. Borrowers must take special care of following Conditions of IVA while going for IVA-
In order to get IVA, one has to have a word with expert insolvency practitioners who are dedicated to solve debt troubles of potential borrowers. You will be given an online questionnaire form in which you are required to fill all your basic details sincerely. The details given by you in the online questionnaire form can be utilised by the insolvency practitioners in drafting a realistic and convincing IVA proposal for creditors.
The insolvency practitioner will then schedule a meeting with the borrowers so as to finalise the IVA proposal. Meeting with the borrower is conducted so as to get approval from the borrower that the drafted IVA proposal is affordable and can be maintained for five years. The IVA proposal is then given to all the creditors and the IVA proposal is finalised when 75% creditors approve the IVA proposal.