Iva: Good Form of Debt Management?
Over 21 million people in Britain do not know exactly what an IVA â " or Individual Voluntary Arrangement â " is. Many believe it's a fail-safe way of alleviating debt, and think it should be more widely available for people with mounting debts. An IVA is a legally binding agreement between a debtor and creditors, which ensures you pay off all your unsecured debts, provided they total over  15, 000, in a fixed plan. Over a period of 5 years you pay a reduced amount which is more affordable to you and the interest is frozen to prevent the debt increasing further. At the end of the 5 years the debt is classed as settled, and the remaining amount dissolved. ...
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