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Jorden Andrew
Joined: 09 Jun 2009
JordenAndrew's page
Posts: 12
374 Magic Points
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Subject: Need Advice for IVA
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Mon Jun 22, 2009 5:48 am
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Hi,
I am newbie for this forum and I have one question about IVA related So,what do creditors expect from an IVA and how likely is it they'll accept it ?
Anybody can give some comments? |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Tue Jun 23, 2009 5:24 am
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Hi Jorden,
Individual Voluntary Arrangement (IVA) is a legal agreement with your creditors to pay off the debts owed (or at least a part of the debt). Before applying for an IVA, you will have to take the help of an insolvency practitioner. Applying for IVA is an alternative to filing for bankruptcy.
In a creditors meeting, each creditor votes for or against the IVA proposal. If there are 75% votes in favor of the IVA proposal, then it is approved. After you have qualified for IVA, each creditor will try to recover, at least 25% of the actual debt amount you owe to them.
_________________
SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Tue Jun 23, 2009 6:01 am
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Hi Jorden Andrew,
The IVA has 5 benefits as given below:
1) There is reduction in the debt amount by negotiating with your creditors.
2) The interest and penalty charges for late or missed payments are waived-off.
3) Once you are into a IVA program, creditors cannot take any further action against you.
4) It stops all harassing collection calls and saves you of the mental stress.
5) You can be debt free after the completion of the IVA program.
Hope this will help 
_________________
Looking forward to a debt-free life. |
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Jorden Andrew
Joined: 09 Jun 2009
JordenAndrew's page
Posts: 12
374 Magic Points
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Mon Jun 29, 2009 7:53 am
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Hello,
Rachael,
Thanks for sharing your opinion here... |
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