IVA, the acronym for individual voluntary agreement, is a process originated in the United Kingdom in which a person may qualify for in the event of being badly in debt but seek to evade bankruptcy. As a matter of fact, an individual voluntary agreement is an agreement that is based on the consensus reached upon by the creditors and the concerned individual. There are several pros and cons tied to an individual voluntary agreement. It is, therefore, extremely important that one considers the iva pros and cons before it is been embarked upon. A good understanding of the merits and demerits of an individual voluntary agreement will go a long way in helping you to make the right decision for your debt management system.
To start with, it is beneficial that you know that the amount decided upon in an individual voluntary agreement usually varies largely and is determined by the situation peculiar to the borrower. It is noteworthy to bear in mind that creditors do not necessarily need to come to terms with the actual amount decided upon in an individual voluntary agreement. However, in most cases, creditors usually do not hesitate to do so because of the better returns they get from individual voluntary services. It is apparent that they actually do not get this kind of returns when the individual files for bankruptcy. This is one of the many iva advantages that the creditors stand to gain from embarking on an individual voluntary agreement. Click here to know more about #What you need to know about iva pros and cons.
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