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| IVA's are solution for people to help them escape | | | | Features: |
| bankruptcy. It helps a person who might be suffering | | | | IVA is an agreement between a debtor and a creditor. |
| from debt related problems. IVA stands for Individual | | | | After this agreement is signed it becomes the duty |
| Voluntary Agreement. It is an agreement between the | | | | and the obligation of the associated company to help |
| creditor and the borrower. This agreement is | | | | out the borrower with the debt. The borrower should |
| completely legal and binding. IVA came about to be | | | | carefully decide as to which company he should sign |
| under the Insolvency Act of 1986.IVA debt advice | | | | the contract with as it will be that company only which |
| helps in tackling the problem of bankruptcy and other | | | | will be helping him out. After the agreement has been |
| debt related problems. After the agreement between | | | | signed an insolvency practitioner is assigned to the |
| the debtor and the creditor takes place an insolvency | | | | borrower to help him out. This insolvency practitioner |
| practitioner is assigned to the debtor and the | | | | helps the borrower in deciding the best repayment |
| repayment plan is worked out accordingly. with the | | | | plan. Normally up to 75% of the loan can be wiped off. |
| help of IVA the loan amount that the person has to | | | | The loan amount is reduced to such an extent that the |
| pay back gets reduced by a considerable extent. | | | | borrower can pay back the loan. |