Benefits and Conditions on IVA

June 23, 2012 by  Filed under: Bankruptcy 

The individual voluntary arrangement is a kind of an alternative to bankruptcy that can be availed after following some eligibility criteria. An IVA forum is the best place online from where you will be able to get information on how IVA works and how one can avail it.

What should be done?

While one is under the pressures of debts, the debtor has to take care of the problems. It is not necessary that a debtor should only file for a bankruptcy as the only option. Those who are clever enough are able to get information on the many alternatives to bankruptcy and then are able to avail any such option that suit their needs and requirements.

Individual voluntary arrangement

It is one of the many alternatives to bankruptcy. You can find plenty of information on the subject with the help of the forums, blogs and the websites that have been made by the users of such alternatives and have been benefited by it. It is a legally binding document that includes the debtors and the creditors, making the creditors’ return maximized. It also creates ease for the creditors to pay back the loans with the amount of monthly installments the debtors can afford with their disposable income. An (IP) insolvency practitioner can help you avail the IVA for the debt issues. You can ask for the details over the IVA.

Benefits of an IVA

It has many benefits, some of which are as follows:
1) It helps the debtors through ceasing the interest rate over the debts so that the debtor is able to pay the monthly installments for the debt amount easily
2) Debts are written off at the end of the IVA agreement that have not been paid
3) It helps the debtors to file for bankruptcy
4) It is cheaper than filing bankruptcy
5) Reduces the monthly payments to an affordable amount
6) Creditors cannot bug the debtors as this is legally binding contract and the law is involved


The eligibility conditions under which one falls and is declared eligible to avail the agreement are many and are as follows:
1) If you have a secured debt of 15000 pounds or more, you can avail it
2) You should have a regular income
3) You have not filed for individual voluntary arrangement in the past 6 years period
4) You should either be a resident of UK or have lived there for at least three years in your past
5) Creditors should approve an IVA and they will vote for it. If 75% votes say yes, they will be bonded in the contract. If not, they can bug you the way they want to.

If you are looking for more information, then you can log on to the website for details over IVA and the other alternatives to bankruptcy. You can also find out information on IVA, how it works from the websites of the IP’s and the accountants in bankruptcy near your area. They will advice you own how to use an IVA.

Najeen Zahoor is an expert writer in the field of Finance, and issues related to debt management. She has written many articles on debt help and bankruptcy. For more information on IVA forum you can log on to the website: This website has reliable information on how one can cope up with the debt issues and find solutions to them.

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