IVA is an acronym that stands for Individual Voluntary Arrangement. It is a lawful and formal binding arrangement among you and your creditors or lenders. An IVA is one choice you can use to repay the money you owe. It is a mutual agreement that is made with your creditors to allow you to repay the money you owe over a set period of time. Your creditors have no choice than to stick to it as it is approved by the court. It was adopted as an alternative to bankruptcy and a way for people with problem of debts to clear them at a rate they can afford per time.
In recent times, iva companies have become very common with people that are struggling with debt and want to avoid bankruptcy. And today, they are relatively common but still a serious route out of unmanageable debt, and one that often gives your creditors a better chance of reimbursement than insolvency.
Indeed, one of the key points of interest in setting up an IVA is that it ties your loan bosses, legitimately, to freeze any future interest on your debt. This implies that your debt level will not increase more than the initial amount on your IVA. The only exemption from this rule would be if you were unable to keep up with your commitment. Also, creditors whose loaning is unbound can’t take any further action as interest are normally solidified in as much as you keep up with your payments. And even creditors who are not in support of your proposal are bound by IVA. For more information visit website #Who should use iva?
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