A Weight Off Your Shoulders
This article discusses the
importance of an IVA also known as an Individual Voluntary Agreement, as a
solution to come out of heavy financial debt.
An Individual Voluntary Arrangement, known as an IVA, is an agreement
made between a debtor and his or her creditors to repay a percentage of the
debts owed over the ?life’ of the IVA which is generally five years or sixty
months. To ensure that monies are distributed evenly and fairly to the
creditors the IVA is managed by an Insolvency Practitioner. The Practitioner
ensures that the debtor is given the fairest and most honest, realistic opportunity
to make regular monthly payments into their IVA fund. The fund is managed and
supervised throughout the duration of the IVA by the Insolvency Practitioner.