Our calculator will help you to decide whether an IVA is right for you.
An IVA is an alternative to bankruptcy offered by the government for debtors to lessen their debt burden. An IVA, which means individual voluntary arrangement, is an arrangement between the creditors and the insolvent debtor who is no longer able to meet his debt obligations as they fall due. These kinds of contracts usually involve following terms agreed upon by both the involved parties;
If you are thinking about taking IVA advice, then it is better to consult the best IVA companies in the business. An IVA is usually for a period of five years, so it is preferable that the services of the most experienced IVA Company are hired to gain the maximum out of this arrangement. The IVA Company should be both independent and proficient enough to help the debtors take right decisions.
Whenever you are taking IVA advice offered by an IVA company, you should keep in mind the following things:
The IVA was introduced under the Insolvency act of 1986 with an aim to reduce the plight of the debtors who are experiencing severe repayment problems. If debtors are caught in a spiral of debts, then any legal action taken by creditors can only aggravate their problems. An IVA is only formalised after the majority of creditors agree to such an agreement under which they will enter into a settlement with the debtor. An IVA is a debt management decision taken by both the debtor and the creditors so that the debtor is able to settle his debts according to his repayment capabilities.