What You Need to Know About Individual Voluntary Agreement

IVA or individual voluntary agreement is something that is used for people who want to pay off their debts. However, it freezes of the said debt and allows the people to pay it off completely over a set course of time. The important thing that you need to know here is that this agreement varies from person to person, and not every person who needs to collect their debt will actually be okay with IVA.

You can click here if you want to learn more information about IVA, but in this article, I am going to touch on some of the basics of individual voluntary agreement, considering how many people completely ignore it. This way, at least people will know that it certainly has the benefits, but there are also some conditions that you need to keep in mind. Let’s have a look.

You Need a Professional to Set It Up

Although IVA is an agreement that is between two people, you need to understand that in order to properly set up and turn it into something legal, you need a professional who will get the job done for you. The professional who deals with such situations are known as insolvency practitioner.

It is a Legal Agreement

Another thing that people need to know about IVA is that it happens to be a legally binding agreement between you, as well as the people you owe money to. Which means that once this agreement is signed, they can’t step out of the bindings, and ask you to pay more than the amount that has been set. In addition to that, they can’t ask you to pay the set amount before the time that has been determined. Sure, you can voluntarily do that, but you can’t be forced.