Why choose an IVA?

Lots of people are getting into lots of debt, way beyond what they can afford to repay. Why an IVA? Some may find themselves stuck and unable to pay off any financial obligations they may have incurred. If by chance, you find yourself in these adverse situations, you may consider an IVA.

Applying for an IVA or Individual Voluntary Agreement is an ideal alternative to filing for bankruptcy.
An IVA can allow any debtor be totally free of debt after five years.
Once a debtor has been thoroughly assessed and found to be eligible for applying for an IVA, a pack will be dispatched immediately.

This pack includes all information and data relating to the debtor’s IVA proposal. Requests for copies of statements from creditors, pay slips, bank statements, and a signed letter giving an Insolvency Practitioner authority to act in behalf of the debtor are also included in the pack.

It usually takes between 4-5 weeks before the request for an IVA is approved after returning the pack complete with the required documents. Once your IVA has been accepted, it will be put into action immediately.

An IVA is a legally binding agreement that typically lasts up to five years – this period of time is rather long and should be taken into consideration before deciding on an IVA.
Individual Voluntary Agreements are most appropriate for people who want to avoid bankruptcy, want to keep their valuable assets, and wish to keep their jobs. Applying for an IVA should only be done by individuals who are really close to declaring bankruptcy.

If by chance, a debtor is not fully aware of his present financial conditions, he can seek advice from debt management professionals and experts who can help him asses his situation and maybe provide recommendations on what to do to get out of debt.