With the state of the financial market at present, the nation seems to be in more debt than ever before it is a difficult situation that many are struggling to find a solution or a way out. If this is a situation you have found yourself to be in, then maybe an individual voluntary agreement is what you need.

Many people are unaware of what an individual voluntary agreement is, also known as an IVA – it is a legally binding agreement between the creditor and borrower. The agreement is supervised by the licensed insolvency practitioner. An IVA can help to solve your debt problems by reducing the payments on the total amount you owe.

The insolvency practitioner will take a look at the debtor’s monthly earnings and work out how much he or she can afford to pay. This arrangement means that in the majority of the cases the lender will lose money by compromising the amount that is owed to them. It can help relieve the stress felt by the debtor and is a much better alternative to bankruptcy.

When both parties have agreed on the amount that should be paid, a contract will be drawn up for both creditor and debtor to sign. As soon as the contract has been signed by both parties it cannot be changed. The creditor is no longer able Brand Viagra to call you or hassle you for money.

There are certain requirements needed for people to be eligible for an IVA for instance:- you would need to have unsecured debts a minimum of 15,000 you will also need to provide proof that you cannot afford to make the monthly payments on the debt owed. IVA’s can be generic propecia no prescription taken out over a period of 3-5 years depending on the individuals circumstances.

Not everyone is entitled to get an IVA. To qualify for an IVA you would need to be in long standing full time employment, you will need to prove that you have enough money each month to cover all of your living expenses. An IVA is ideal for people on the verge of bankruptcy but should not be looked into lightly as it can have a long term effect on your credit scoring and future finances.

Closing Comments

IVA’s are very popular all over the world and have been around for about 20 years. Once a debtor has met all the requirements of an IVA and has finished paying the debts owed, they can find that up to 70 per cent of their debt has been removed. For more advice on this topic contact a fee free agency or charitable group.

Author Bio: Steve Smith writes for allaboutloans where we offer all kinds of debt help, from individual voluntary arrangements IVA‘s Levitra Professional to debt consolidation loans. Visit Today

Category: Finance/Credit/Loans
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