As a debtor, as soon as you enter into an Individual Voluntary Arrangement with your creditor, there are chances that you would have a large percentage of your debt written-off. This is, however, dependent on the kind of Insolvency Practitioner you have and how you are able to comply with the terms of the agreement. It is important to note that an IVA is legally binding and is recognized by the government of most states. There are also guidelines on what is expected of each party during the process of this agreement. Similarly, there are some conditions, which qualify an individual to be able to enter into such an arrangement on www. ivawizard.net, these conditions include:
• Individual must be an adult (i.e. from 18 years and above)
• Must have a minimum of one, two or more debts
It is important to note that all the requirements listed above are for the purpose of addressing your debt situation in a better way. They are not required to mock you or to be disclosed to anyone. In other words, they are meant to be confidential between you and your Insolvency Practitioner. During the process of an Individual Voluntary Agreement between you and your creditor, your Insolvency Practitioner would help to relieve you a lot of burdens. For example, all letters, updates, and correspondences concerning the state of your debt would be handled by him. Similarly, it would be difficult for your creditor to come directly to you for any reason except through your Insolvency Practitioner. Whatever you need to know concerning every correspondence would be communicated to you via a phone call or whatever communication platform you and your Insolvency Practitioner agreed on.Click here to know more about #what is iva wizard.
• Individual must be an adult (i.e. from 18 years and above)
• Must have a minimum of one, two or more debts
It is important to note that all the requirements listed above are for the purpose of addressing your debt situation in a better way. They are not required to mock you or to be disclosed to anyone. In other words, they are meant to be confidential between you and your Insolvency Practitioner. During the process of an Individual Voluntary Agreement between you and your creditor, your Insolvency Practitioner would help to relieve you a lot of burdens. For example, all letters, updates, and correspondences concerning the state of your debt would be handled by him. Similarly, it would be difficult for your creditor to come directly to you for any reason except through your Insolvency Practitioner. Whatever you need to know concerning every correspondence would be communicated to you via a phone call or whatever communication platform you and your Insolvency Practitioner agreed on.Click here to know more about #what is iva wizard.
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