Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV
Call (Toll Free)
Community Area
Get FREE Counseling


Helpful Resources
Popular Discussions
Creditmagic Twitter
Credit on Facebook

Need Advice for IVA

Post reply  Start a topic
Author Message
Print this topic
Invite a friend
Email this topic
  Bookmark online
Add to
Add to YahooMyWeb
Jorden Andrew

Joined: 09 Jun 2009
JordenAndrew's page
Posts: 12

389 Magic Points

Subject: Need Advice for IVA
Posted on Mon Jun 22, 2009 5:48 am  

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?


Joined: 28 Jun 2006
scott's page
Posts: 446

10890 Magic Points

Posted on Tue Jun 23, 2009 5:24 am  

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.

Use your credit account responsibly and enjoy a debt free life.

Joined: 11 May 2009
rachael's page
Posts: 233

6576 Magic Points

Posted on Tue Jun 23, 2009 6:01 am  

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 Smile
Looking forward to a debt-free life.
Jorden Andrew

Joined: 09 Jun 2009
JordenAndrew's page
Posts: 12

389 Magic Points

Posted on Mon Jun 29, 2009 7:53 am  

Thanks for sharing your opinion here...

Quick Reply
Your Name
Message body
Page 1 of 1

Delete this topic Move this topic Lock this topic Split this topic 

Page loaded in 0.051 seconds.