An Individual Voluntary Arrangement, also called an IVA, is a way you can get your debts under control. Debt management should be a priority when attempting to improve your financial situation. Sometimes bills get out of control and paying them off seems insurmountable.
A set of rules is in place that must be met in order to take advantage of the Individual Voluntary Arrangement program. Each of the requirements is logical when you consider the reasoning behind them. Go over the rules with a professional to make sure you meet the requirements.
You must have at least 15,000 pounds of unsecured debt. You must have at least 200 pounds a month that you can use to pay into the program. You need to have at least three loans that need to be paid back. You need to have a regular income so you can continue to pay the monthly amount.
Financial advisers can help you to select the right program and to create a viable plan of action to repay your debt. Once you have created a plan that makes sense, it will be submitted to each of the creditors so they can review it. If seventy-five percent of them agree to the terms, the plan is approved.
For those debtors who do not have a viable plan, they have an opportunity to revise it. After revision, it is submitted to the creditors once again. For those deeply in debt with little hope of repaying loans, bankruptcy may be an option. Using a debt management program, you can use your excess money each month to pay off loans. Always consult a finance professional before you agree to any program. They will have valuable advice.
Paying your bills in a timely manner is important if you want to get ahead and regain control of your finances. An Individual Volunteer Arrangement, or IVA, can be the first step to regain control of your finances. As you make regular payments and reduce your debt load, you will be able to feel better about yourself.
An Individual Voluntary Arrangement, or IVA, is a financial agreement with your creditors. If you need IVA advice, Delta Debt Management can help you.
Source: http://www.articleimp.com/iva-can-help-with-your-debt-management
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