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IVA Solution

IVA as a Solution

IVA solution should be sought out by those that are tired of being stressed every time they go to retrieve the post.  It should be sought out by those that see the debt piling on with more and more charges and interest added to the debt each month.  At some point the debt can become so overwhelming that there is no other solution but bankruptcy.  Before that happens, an individual in financial problems should look into an IVA solution.

An IVA, or individual voluntary agreement, is an alternative to bankruptcy.  It helps a person get a fresh start in their financial life just as bankruptcy ultimately does; however, there are distinct differences between the two.  One may be better than another for a particular individual and solid IVA advice should be sought out to make a good decision.  An IVA solution is a viable solution for many.

Debt Consolidation | iva.net

An IVA solution must be formally worked out for an individual by working with an IP or an Insolvency Practitioner.  The IP will work on the behalf of an individual to secure an agreeable solution between them and their creditors.  Then a formal IVA solution agreement will be drawn up and signed by all parties involved.  Usually the length of time of an IVA is five years.

The amount owed by the debtor is reduced to an amount that can be agreed upon by all parties that will allow the debt to be paid.  Once the IVA is secured no more debt charges or interest can be added to the debts.  The IVA is a legal agreement and is binding for both the debtor and the creditors so they cannot demand changes to the agreement or more payments later on from the individual.  An IVA solution is something that should be looked into by anyone that is experiencing uncontrollable debt.