Our calculator will help you to decide whether an IVA is right for you.
IVA, also known as individual voluntary arrangement is basically a legal contract between creditor and debtor that binds both the parties under a single contract. This enables a debtor to make payments of the due debts in a stipulated time period so that business can be re-established and measures can be taken to run it smoothly. In other words, a debtor does not have to be bothered about payments of debts all the time and can focus upon their business in the most appropriate way.
IVA answers help all the debtors who are on the way to bankruptcy as they don’t have sufficient means to pay back the loans and credits. The main purpose of the IVA answers is to enable the debtors to reach to a compromise or settlement wherein they will be paying a reduced figure.
IVA answers have become an important and popular way among people as interest rate is freezed which in turn makes the payment of debts quite easy and convenient. The IVA also ensures safety of personal assets especially the homes as under this plan, the personal assets of the debtor are excluded so that they can live a good life.
IVA solutions work primarily for providing cushion against bankruptcy and that is why more and more people are ready to take up its services and get hedge against the unwanted situation of bankruptcy. Apart from this, IVA helps in safeguarding the credit score of the debtors so that they can get further loans in the future reference. This way, all debtors can live satisfactorily without getting stigma of bankruptcy in their credit report.
An IVA can be entered by a person only when he complies with the conditions of IVA:
Once an individual has complied with both of these conditions, an IVA proposal can be drawn up without any hassles. An IVA can help to maintain your credibility with your creditors, since completion of an IVA will show commitment to repaying your debts, albeit at a reduced amount.