What Is An IVA?
What Is An IVA?
Many people choose to bury their heads in the sand and ignore debt in the hope that it will disappear, but this often makes the situation worse and leads to increasingly high debts. Others have reservations about getting debt management help because they are worried about how it will affect their credit rating, but finding out about options such as IVAs could take the fear out of dealing with debt.
So what is an IVA?
-
An IVA is an individual voluntary arrangement agreed by a customer and their creditors
-
An IVA allows customers to pay fixed monthly payments
-
An IVA usually freezes interest charges as soon as the IVA becomes effective
And what is an IVA settlement?
-
An IVA settlement is a variation on a standard IVA, which allows the customer to make a lump sum payment rather than a monthly payment
-
An IVA settlement allows customers to use equity from their home or a third party towards their debts
-
An IVA settlement can potentially enable the customer to wrap up their IVA early providing their creditors accept the lump sum
If you are still wondering what as IVA is, it may help to speak to an expert, who can talk you through IVAs and other debt management options. To speak to a specialist, fill in the enquiry form - an advisor will be in touch to talk you through your options and help you work about the best course of action.
Alternatively click on What Is An IVA? advertising links below: