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Explain IVA

Explain IVA

The best way to explain an IVA is to explain how an IVA will typically help someone with a severe debt problem become debt free.

IVA stands for Individual Voluntary Arrangement, and an IVA is a legally binding agreement that allows a debtor to reach a new repayment plan with their creditors.

The new plan takes the place of all the separate debt repayments the debtor has, and replaces them all with just one payment which has been agreed by all parties as being affordable to the debtor.

This explains why the IVA can help someone keep the new IVA arrangement going, as their arrangement is based on their personal circumstances, therefore making sure they have enough money to enable them to pay for all their personal commitments before the monthly IVA repayment is taken from them.

An IVA is different to other debt solutions because the IVA repayment is arranged over a fixed period of time, which is normally set at 5 years.

When the IVA reaches the end of the fixed time period, the IVA is finished.

This means that any debts that are still left unpaid by the IVA repayments get written off and the debtor is debt free.

And this explains why an IVA takes the advantage over other debt solutions which do not have a fixed term, as they would have to carry on until all the debts had been repaid in full.

My IVA Adviser are IVA specialists. Take a look at this link to explain an IVA in more detail.

If you would like to dicuss you circumstances with an  IVA Specialist for free call 0800 088 7503.

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