The first advantage a debtor will enjoy is the affordability of payment. The debtor would have agreed with the insolvency practitioner on how much he would be able to pay back monthly. So a debtor knows how much to pay at the end of every month. The creditor cannot come and make an unnecessary demand to increase the payment. These are really the iva advantages debtors enjoy. The insolvency practitioner regulates every activity that has to do with the debt between the debtor and the creditor. This means the debtor can rest and have peace of mind that he won’t be disturbed at all by the creditor.
Your debt can even be written off at a time. The repayment is always stated for the period of five years. If you are unable to pay back all the debts till the next sixty months, the remaining ones will be cancelled. This does not mean that you won’t stick to the arrangement of paying back what you are supposed to pay monthly. Another iva benefits you can enjoy is that the condition of your repayment only changes when your income change. That is, the increase and decrease in your salary can affect your mode of payment. Click here to know more about #what are the benefits of iva.
Your debt can even be written off at a time. The repayment is always stated for the period of five years. If you are unable to pay back all the debts till the next sixty months, the remaining ones will be cancelled. This does not mean that you won’t stick to the arrangement of paying back what you are supposed to pay monthly. Another iva benefits you can enjoy is that the condition of your repayment only changes when your income change. That is, the increase and decrease in your salary can affect your mode of payment. Click here to know more about #what are the benefits of iva.
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