An iva, which stands for Individual Voluntary Agreement, is an agreement between you and those who you owe money on how you will pay back the debts over a significant period of time. It is a formal agreement and it is legally backed. This means your creditors will have to comply with the agreement. They will not come after you for those periods of time agreed upon. Despite the flexibility of the plan, it does not cover all debts. Though you can include most debts in the agreement, however, there remain some certain debts that cannot be added in the agreement. Let’s look at some of these debts.
Before we go into that, you need to understand that debts have categories. We have the non-priority debt and the priority debt category. These are the two main categories. Debts that fall under the priority debt category cannot be included in the iva agreement. The agreement can only cover for debts that fall under the non-priority debt category. This is because priority debts are urgent debts. They need to be attended to urgently. E.g. Maintenance arrears, child support, student loans, and so on. Not all these types of debts can be included in the agreement. Click here to know more about #Find out the debts that iva agreement covers?
Before we go into that, you need to understand that debts have categories. We have the non-priority debt and the priority debt category. These are the two main categories. Debts that fall under the priority debt category cannot be included in the iva agreement. The agreement can only cover for debts that fall under the non-priority debt category. This is because priority debts are urgent debts. They need to be attended to urgently. E.g. Maintenance arrears, child support, student loans, and so on. Not all these types of debts can be included in the agreement. Click here to know more about #Find out the debts that iva agreement covers?
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