Advantages of Individual Voluntary Arrangement (IVA)
A legal arrangement between you and your creditors to pay off your debts is known as an Individual Voluntary Arrangement (IVA). An IVA is a formal insolvency procedure and must be supervised by an insolvency practitioner (IP). If you enter into an IVA, you'll be required to make regular monthly payments towards your debts for a period of time (usually five years). Any outstanding debt will be eliminated at the end of the individual voluntary arrangement. There are a number of advantages of an IVA, including: ● You'll only have to make one monthly payment towards your debts. ● Your creditors will be legally bound by the terms of the IVA and cannot take any further action against you. ● You'll be protected from bankruptcy. ● Usually stops charging interest and fees. ● In an IVA, you won't need...