When you choose to start the IVA (individual voluntary arrangement) process, it is important to get as much information as possible to understand they type of agreement you are entering.
Information on paying IVA's
Preparing an IVA means forming a petition that is sent to your creditors. In it, you will provide as much information as possible to calculate your monthly payment amount.
The proposal is prepared by an Insolvency Practitioner, but you are responsible for approving the final agreement.
Once an IVA has been approved by creditors, it is the responsibility of the debtor to submit the total monthly payment to the practitioner, who then distributes the payments to the creditors.
Legal Advice Helpline has more IVA information including a list of the pros and cons of taking out an IVA, as well as advice on what an IVA is.
If you are considering an IVA we believe you should have as much IVA information as possible so you can rest assured you have made an informed decision.
IVA advice and information is best given from a debt management professional like a debt help specialist or Insolvency Practitioner. Before signing an agreement, make sure you have received the IVA information you need.
More debt information from Legal Advice Helpline
Legal Advice Helpline also has the information you need to deal with mounting debts.
With information on debt solutions and Scottish Trust Deeds, Legal Advice Helpline has all the information you need to help you understand what debt help options may be available to you.
Call Legal Advice Helpline today for more information on 0800 612 3042.