How does Individual Voluntary Arrangement - IVA work? Call : 03338803165
IVA which stands for individual voluntary arrangement is actually a formal as well as legally binding settlement process between you & your creditors in order to pay back the debts over a certain period of time. It means it’s authorised by the court & your lender has to stick to it. IVA advice can be flexible in order to suit all your requirements but it can be pretty costly & there are certain risks to consider too! How an IVA works An Individual Voluntary Arrangement needs to be set up by a licensed person, called an insolvency practitioner. It'll be an accountant or a lawyer. And the insolvency practitioner will charge a certain amount of fee for the IVA. Always keep in mind that these can often be potentially high as well as are based on the amount you repay through the individual voluntary arrangement registe r. Your hired insolvency practitioner will directly deal with your lender throughout the life of the Individual Voluntary Arrangement. So