Pros and Cons of the IVA Debt:

When you are deep into debts, IVA debt management can save your from bankruptcy You also get a chance to save all those assets that are usually involved during bankruptcy filing

Aside from this, the amount of fees that is to be paid with IVA is lot lesser than what you’ve to give while filing for bankruptcy Your creditors are well aware that they will surely get back good amount of their money if they enter into IVA debt management agreement with you rather than following you till bankruptcy when they get almost negligible amount of money

Another good benefit of IVA debt management is that it is done discreetly so your friends or family members will never come to know about your financial condition

Way in which IVA debt management Works:

This agreements works through negotiations, wherein you negotiate with your creditors till you both agree on terms and conditions During negotiations, you will have to show hard facts about your actual financial condition to them You will have to explain as to why you are opting for IVA debt management and your current earnings and expenses

Acting on your information, creditors can come to some agreement about a set amount of payment each month that you can easily pay them from your monthly income

This repayment plan is then converted into a legal document wherein your lawyer would petition in a court to seek an interim order Such an order will keep all those creditors whom you owe money from coming after you
It also depends upon your creditors to choose or reject the IVA In order to get it approved, at least 75 % of them should accept it

IVA debt management program is not just about lower monthly installments You can even ask for deferment or postponement of your debts to some future date Such an option is great if your financial problems are just temporary and you can begin monthly payments again after some time