Individual Voluntary Arrangements (IVAs) Explained
An Individual Voluntary Arrangement is a formal and legally binding agreement between
an individual and his creditors.
IVA help is provided by a Licensed Insolvency
Practitioner who gives IVA debt advice...
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Individual Voluntary Arrangements (IVAs) Explained
An Individual Voluntary Arrangement is a formal and legally binding agreement between
an individual and his creditors.
IVA help is provided by a Licensed Insolvency
Practitioner who gives IVA debt advice and creates proposals to the respective creditors
for repayment arrangements that are most suitable for the individual’s current financial
situation.
IVA debt payments may be made monthly for a period of five to six years after which the
remaining debt is completely written off.
The amount of the repayments that will be
made to each individual creditor is calculated from the person’s disposable income after
all the necessary basic expenditures are deducted from his earnings.
With an Individual
Voluntary Arrangement, the available funds are paid to each of the creditors on a prorata basis.
Individual Voluntary Arrangements are just one of the options available for
the repayment of debts and each repayment scheme has its own stipula
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