What is an IVA?
You know, an IVA ( individual voluntary arrangement) is a
form of debt management solution that is a formal and legally binding agreement
made through your creditors to pay off your debts over a set the time period.
According to Citizens Advice, IVAs normally collate debts
including bank loans and overdrafts, credit card loans and personal loans, but
can also include secured loans and council tax bills.
IVAs should be set up by a registered professional Insolvency
Practitioners, that will charge a fee for the arrangement and it will deal with
your creditors throughout the IVA ( individual voluntary arrangement), which
often lasts around 5 years. You can get help from IVA Leads and Debt ManagementLeads Provider in London, UK.
How do IVAs work?
When you have debts to pay than deciding on the best
repayment option can be a difficult choice. There are many more types of
solutions available, and your choice will probably be pretentious by the amount
of money and assets you have, as well as how much you owe.
1 option for people struggling to keep up repayments and at
risk of defaulting on debts can be an IVA. It is a contract with creditors,
which allows the people in debt to repay the debts in continue instalments.
Here we will look at how IVAs work.
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How does the IVA process work?
An IVA is managed through a qualified Insolvency Practitioner
(IP). Everyone he or she both will work out the repayment plan (how much is
paid each month), and act as the intermediary between an individual and their
creditors, to check they agree with the set monthly payments.
When 75% of creditors give their approval to the IP’s
proposal, the IVA (individual voluntary arrangement) will go ahead. Monthly
repayments will then be made to the IP, which will split the amount between the
creditors.
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