IVA is formal repayment option introduced in 1986 by government to simplify repayment process for individuals having serious debts. It is an alternative to bankruptcy with lower restrictions and more flexibility. IVA process involves basically a legal contract between creditor and debtor in which creditors agree to eliminate a proportion of debt and in return debtor make regular monthly payment for five years that is IVA period.
IVA can be an efficient option to make payments if you are struggling with unsecured credit card or store card debts, overdrafts or personal loan issues. If you have over 15000 debts and facing mental stress due to harassing collection calls and creditor’s pressure then select this formal option. It is important to take essential measures in time to avoid critical debt issues.
Avoiding debts is never considered as sensible act. In order to start IVA process, you should get advice from licensed insolvency practitioner. You may also collect IVA facts online through several free sources.
Latest facts and figures:
- Finance experts also called IVA as “bankruptcy lite”. This option is gaining popularity day by day as more people are seeking assistance to manage their unmanageable financial obligations.
- A leading accountancy firm has stated that above 130000 people may declare bankrupt or may enter in insolvency in coming years
- It has been calculated by debt experts that number of application for IVA will increase in further years due to credit crunch pressure, rising energy bills and excess expenses on Christmas.
These are some information on IVA. If you want to consider this option to make your payments simple then take expert advice to find whether it is good option for you or not. If your creditors agree on IVA proposal then make sure that it is also suitable with your formal financial situation.
Daniel Leo is an expert debt advisor having detail knowledge of several debt consolidation, bankruptcy and debt consolidation loans problems and solutions. He is also writing on different financial topics for last five years. This article deals with IVA process and facts.