IVAExplained.....An Individual Voluntary Arrangement (IVA) is a formal agreement between an individual who owes money (the debtor) and the organisations he or she owes money to (creditors). An IVA proposal outlines how the debtor is going to make repayments to the creditors, usually over a period of sixty months. Due to its formal nature, an IVA has to be set up by a licensed insolvency practitioner. If you are considering an IVA, the following is brief explanation of the process. After your case has been assessed, a plan letter will be sent to you. This explains the recommended course of action. You will be asked to sign and return a copy. Before things can can proceed.
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