Category: Other

IVA represents an Individual Voluntary Agreement between a creditor and a debtor. These days IVA can be used by every person, but previously it was used only for business purposes. You have to go through various procedures before getting approval for an IVA. This agreement is a legal procedure and is approved by the court. When you are approved for an IVA, then all your debts will be stopped and you will get complete protection from your creditors. You will have to pay a certain amount for an agreed time period, provided by your lender, and it will be easier for you to clear your debts, with the help of an IVA. Individual Voluntary Agreement will help you to avoid bankruptcy and you do not have to attend court for the non-payment issues. But, IVA comes with lots of disadvantages also. You should understand your situation before applying for an IVA because it might not be the best choice for you. Hence, you should be completely aware of all the IVA Pros and Cons.