Individual Voluntary Arrangement (IVA) is an agreement that is done between the person who has loaned you the money, and you. As per the agreement, you are to pay the creditor a monthly fixed sum of money that will be free of interest, and will not be decreased or increased under any circumstances. This method has been used for a long time now, and has helped a lot of people deal with issues like bankruptcy and even repossession.
I remember a struggling friend who asked me “can you get an IVA in Scotland?”, and my answer to him was that he can. It goes without saying that it had really helped him deal with some of the issues he was facing. Keeping all of that in mind, I decided I should talk about some of the things that you should consider when going for an IVA. Considering how common it has become, I just thought it would be a nice idea.
IVA Needs to Be Accepted By The Creditor
The one thing that many people are completely unaware of is that the IVA needs to be accepted by the creditor. This means that if the creditor does not want to take the loan back in shape of an IVA, there is nothing that can be done. It’s better to just consider it beforehand.
Your Name Will Be Entered Into The Public Register
This is a rising concern for many people all around the world, but when they enter an IVA, their name gets entered into the public register. This can be a downside if you are planning on having a good credit score in the future, and that is why I am already mentioning it beforehand, so people are fully aware of this part.