Individual Voluntary Arrangements, which are also referred to as an IVA, are legally binding, formal agreements between your creditors and you. During the time that you owe money to your creditors, the agreement will protect you and them as you attempt to resolve the problems you are having paying the money back. The IVA will essentially enable you to pay back the money you owe in realistic amounts over a fair amount of time. Most IVA advice will set that at five years. Unsecured debts that are included in that arrangement that you aren’t able to pay back will get written off when the term is over.
One thing you will learn if you are seeking IVA advice is the fact that they are subject to the creditors agreeing with the terms. Unfortunately, that is not something that can be guaranteed. However, you should still apply for the arrangement if you qualify. The qualifications include having a proof of income, more than 15,000 pounds in unsecured debt, at least three creditors, and problems making your payments. If all of those apply in your situation, then it is definitely worth attempting to get an IVA.
When you get an IVA, one of the first things you will notice and appreciate is the fact that creditors have to stop coming after you while you make your payments. They have to discontinue any more charges and interest on the debts you have and can no longer make phone calls to you or send letters regarding the debts. This alone helps a great deal in allowing you to feel like you are not in trouble but rather working to repair your financial situation. All you have to do is keep up your side of the agreement, and at the end of the term, your unpaid debts will get written off by your creditors.
Whether you think you might qualify or you just want more information, IVA advice might be what you need to start turning your life around. The agreements are very fair, and they have allowed many people in similiar and even worse situaitons than your own to get rid of their debt forever.