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About IVA Free Advice and IVA Debt Solution Company

With the recent credit crunch hitting the whole country hard, many people have been struggling with mounting debts that spiral into thousands of pounds. The level of debt can become increasingly difficult to manage and this has lead to an increase in IVA Debt Solutions being arranged. What exactly is an IVA though and how can it help people to cope with the amounts that they owe?

An Individual Voluntary Arrangement (IVA) is a formal repayment agreement between a debtor (person owing money) and their creditors (the people who are owed money). They are becoming more and more common as people try to get themselves out of the vicious circle of debt repayments.

An IVA (independent living arrangement) is a legally binding agreement that allows debtors to make lower monthly payments to their creditors to help pay off a portion of what they owe over the term of the agreement. The usual time frame for the solution to be established is five years.

Creditors are prohibited from reaching out to debtors regarding outstanding debts by mail, phone, fax, or email. All correspondence must be sent to the designated Insolvency Practitioner according to the Individual Voluntary Agreement.

Calculating the amount of monthly IVA repayments is done with the assistance of the debtor who has provided the necessary documentation. They are based on what the debtor could afford over the IVA term.