Benefits of Iva

The individual voluntary arrangement is a good way to help you pay your debts and avoid insolvency. It you are not quick to use iva, you could be declared bankrupt easily, which is not good for you and your business. It helps to reach for an agreement with your creditors and must be done in presence of a licensed insolvency practitioner. You are allowed to pay reduced monthly installments in five years.

There are a number of benefits that you get when you opt for the Iva:

1. The monthly installment that you pay per month is suitable depending on your income. This means that you will not be struggling to get the money to pay for the debts. It’s an advantage to you and you will not get in more debts. It is also easier to pay the money in one payment than having to deal with many creditors.
2. The Iva gives you a guarantee to pay all the debts within a period of five years. After that, you are free from the bad debts and you can go on with your business having learnt the hard way.
3. After you and the creditors have agreed on the Iva, you get peace and the creditors can no longer call you. The interim order stops them from pursuing you either by phone or email. However, you must stick to the agreement without failure.
4. All the creditors must obey the Iva because it is a legally binding contract. It tells the creditors how they will receive their money and when the arrangement will come to an end.
5. Iva is private, and it is between the creditor and the debtor. The public should not be told about your debts. Your work and private life is not affected in anyway by the Iva.