IVAs (Individual Voluntary Arrangements) help you to deal with your debts. Before taking any decision about this arrangement, you have to understand this procedure and its effects.
An IVA acts as an agreement between a debtor and his/her creditors to pay debts (total debts or parts of obligations). You have to make regular payments to an authorized specialist known as an IP (insolvency practitioner). They can work on your behalf to distribute available money between your creditors mentioned in IVA.
For IVA, the unsecured debts should be almost 15,000. This range may depend on individual creditors. The repayments are free from a minimum or maximum level, except an acceptable range for your creditors. The IVA will end after repaying an ag…
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