What is an Individual Voluntary Arrangement (IVA)?
The individual voluntary arrangement (IVA) is a one kind of legally binding agreement that would be conducted between you & your banker that assists you pay off your debts at a reasonable price. Well, you can make easy monthly payments controlled by a professional insolvency practitioner. So, if you've an IVA & honestly stick to the settlement agreement, then you will get protection from your lender taking further steps against you & in fact certain debt might be written off. Basically, the IVA is an insolvency solution that influences your financial condition in several approaches. Your credit report might be affected for 5 to 6 years, from the time the settlement process is agreed. And during this time, your individual voluntary arrangement will also be recorded on the Individual Insolvency Register. You will be required to keep to a specific budget agreed with your hired company, & in case, if you miss any kind of monthly payments, & your IVA advice