IVA is a very common word in U.
K.
When a person finds it very tough to manage the debts and is heading towards bankruptcy then at such times, he can take the resort of IVA.
Now, getting information and that too appropriate one is very important.
For this you will have to surf net and find out some reputed debt management companies.
While searching for IVA information you must be sure that you find out a professional company which has good insolvency practitioner.
When you consult a company, firstly the company will find out that whether you are eligible for IVA or not.
Firstly, in order to be eligible for IVA, you must be really having a financial crisis and multiple debts, a minimum of 15000 pounds.
The insolvency practitioner as appointed by the company will then make the calculations as to your monthly income and assets.
Then in regards to that one will finalize as to what payments to be made to the creditors.
IVA is helpful to both debtors and creditors.
This is because the debtors will get something rather than nothing, if the debtor had filed for bankruptcy.
And after the IVA contract is entered into, the debtors give a sigh of relief mainly because now the creditors lose the right to sue and make threatening calls to the debtor.
However, before you decide for an IVA, it is important that you get all the information on IVA.
This is possible if you take up some research and find out more about it.
There are many companies which can give you free advice on IVA.
While some companies charge a very nominal fees for IVA advice.
IVA is valid for the period of maximum 5 years and thereafter if any debts still remain they are to be written off.
This gives a chance to the borrower to start afresh.