What is an IVA ? and what are the benefits Many people ask me the question what is an IVA , The term IVA is short for (Individual Voluntary Arrangement) which is is a debt arrangement scheme for people who have a mountain of debt that they are not able to repay. Debt-ridden folks opt for an IVA instead of declaring bankruptcy, because bankruptcy severely and legally compromises their assets. The borrower (or, debtor) enters into an agreement with his lenders (or, creditors) and agrees to keep making reduced payments against his debt for a fixed-term. An IVA debt arrangement [...] Read more »
What is An IVA – Is it For Me?
What is an IVA IVA stands for Individual Voluntary Arrangement and although they aren ‘t new they are uknown to a lot of people who consider their only escape from their creditors is bankruptcy. IVA’s were first introduced in1986, and were brought in by the government under the insolvency act. If you wish to have an IVA you have to have a legally binding contract between the debtor and creditors. Typically you would expect an IVA to run for approxamately five years, it will typically lasts for 5 years, and once it has passed the agreed term the debtor walks away [...] Read more »