IVA Info

Introduction to IVA Info

Many people find themselves living beyond their means and in the end substantial amounts of debts have incurred. This debt can become overwhelming and if you are not careful and proactive, you could lose everything that you have, including your home. We all have debt but when you are not able to make your normal monthly payments and the creditors keep calling and threatening to take action, it is time to look for solutions. If you are proactive and take timely steps to deal with your debt, you will have more options available to you. IVAs can be a great solution for dealing with debt but before making any final decision be sure to gather all of the info you can about IVAs.

IVA Info

IVAs are individual voluntary agreements that an individual, sole proprietor or partnership establishes with their creditors. IVAs were created under part VIII of the Insolvency Act of 1986 as a means of allowing people to avoid bankruptcy proceedings. Understanding all of the IVA info is important if you want to make a good and informed decision. Basically, an IVA is a formal agreement between you and all of your creditors to establish the repayment terms of your debt to them. An IVA is not done for each creditor but rather all of your creditors are addressed and dealt with in just one IVA agreement.

The IVA process can be complex and it may be hard to understand all of the IVA info. It is advised to find a licensed insolvency practitioner who can help you understand the process and create the best agreement for you. You will want to find the lowest repayment amount that your creditors will agree to. Generally, most creditors are looking to make at least more money than they would have if you want to bankruptcy court and the court made the final decision.

IVA Process

The IVA process begins with you gathering together all of the different debts that you owe people and all of the income you currently make. You will then need to take all of that information and take it to a licensed insolvency practitioner. He will be able to advise you on all of your options and help you select the best one for you. If your decide on a IVA solution, your licensed insolvency practitioner will create a proposal to submit to your creditors that will include all of the IVA info

A creditor’s meeting is then held by all of your creditors and they will look through all of your IVA info and create terms for repayment. A payment amount will be agreed upon by at least seventy-five percent value of your creditors and it will then become official. Your repayment amount will be substantially lower than the original amount owed and affordable monthly payments will be set up for you. The IVA is a binding contract and you and your creditors must abide to all of the IVA info within the agreement.