Individual Voluntary Arrangement or IVA is a legal agreement between a person who owes money (debtor) to the person(s) he/she owes money to. You can find out about the binding contract under UK Government Insolvency Act 1986. IVA is a great agreement as it takes a lot of pressure off of the debtor and lets him/her pay off the debt in a relaxed manner as the whole agreement is quite reasonable. People are often known to have this misconception that IVA is some sort of hoax but it is not as it is a legal contract that was actually implemented by the government of UK back in 1986 and many debtors apply for it everyday and earn benefits from it. According to our research, many people do not even know what an IVA is so we are going to tell you how you can go about to get it.
The first thing that you need to do is get help by going to an insolvency practitioner. One thing that you need to know is that an IVA cannot even be initiated without an insolvency practitioner. Even if you just require information about IVA, the practitioner would be able to tell you everything in legal light.
Everyone is not eligible for IVA so the insolvency practitioner would determine whether you are or not. An interesting that we would like to mention here is that you can check your eligibility too with the help of online calculators which are designed for this purpose only.
The insolvency practitioner would contact the creditors and if they agree to it, the arrangement would be signed between the two parties where the terms and conditions of the debt being paid off would be decided.