An IVA is known as an individual voluntary arrangement. This is a legal merging contract made between a person and their creditors. IVA helps the people to collect their money. It also helps the person to avoid all the hassles and embarrassment that filing for bankruptcy can bring. This is why you might need the best IVA Help & Advice. Below are some of the advantages presented by IVA.
Advantages of IVA
The government implemented the concept of an individual voluntary arrangement. This program makes the total debt affordable and payable for the people that have a significant amount they just cannot get take care of. The cost of an IVA should cost a person nothing. Professional handles all the details of this solution and any fees are factored into the monthly payments which mean nothing extra is coming out of pocket.
Many companies have professionals willing to work hard to make sure the debtor and the creditor both can be satisfied with the repayment agreement.
Person keeps most of their assets
The positive thing about an individual voluntary arrangement is that the person keeps most of their assets. It also held privately which means personal business is not aired for the world to see like it would be if bankruptcy is filed. The person will no longer have to worry about the annoying phone calls from creditors requesting money they just do not have.
No extra charges
There are no extra charges because interest payments are frozen. A person can feel better about themselves because they are taking the initiative to take care of their owed debts and this is just one less thing they will have to stress in a stressful world.
Offers debtors an affordable means of debt recovery
An IVA offers debtors an affordable option and ensures that bankruptcy is not the last resort. Upon completion of the period of an IVA, the remaining debt is written off, and the debtor becomes debt-free, assuming that all payments have been successfully made. It offers peace of mind and relief from stress, as you can be sure in this situation that your creditors will no longer be harassing you for payments, or take any legal action against you.
Whether or not a person qualifies for an individual voluntary arrangement has a few determining factors. One factor is that a person must not have the ability to pay the debts under the current terms; meaning the debts are more than other assets. Depending on the company will be the determining factor in how much your current debt can be for approval for their services. There is no set amount, but the debt will need to be a significantly high number and a person will need to check with individual companies to find out their policies.