What IVA Stand For

For individuals seeking to get more information or sufficient iva advice can receive all the information they need from a personal finance adviser, a financial institution that offers debt management services or even from charitable debt help institutions

These charitable institutions offer free iva advice to people seeking to bring their debt problems under control They provide not just reliable iva advice, but also solutions, debt management services and plenty of advice to assist their clients avoid debt in future and regain positive credit ratings

When receiving iva advice, an indebted person will need to understand the basics of the IVA agreement Basically, to qualify for an IVA agreement a person will need to demonstrate that they are experiencing financial difficulty, and are unable to meet their debt repayment obligations They also need to demonstrate that their repayments exceed their living expenses

The finance specialist providing iva advice will assess the personal and financial circumstances of the individual applicant and ensure that they qualify for an IVA program To qualify, a person must owe at least 15000 pounds to more than one creditor The person should also be able to afford more than 150 pounds per month as debt repayment

If this is in order, an iva advice agreement will be drafted and sent for approval by an insolvency practitioner The agreement has to be acceptable to all creditors as well An iva agreement is an opportunity for the distressed individual to make an attempt at repaying debts owed to creditors The agreement has to be adhered to in order to remain binding and functional

An iva agreement is normally valid for no more than five years After five years, any debt not paid is written off The benefits of an IVA agreement are that all interest rates and penalty charges stop, and the person only makes payments towards the consolidated debt currently owing