IVA or individual voluntary agreement is an agreement that takes place between the creditor, and the debtor; thanks to the help of this agreement, the person who owes money to a firm or an individual can actually pay off the debt in a specific given time by making monthly payments, the payments are determined on a number of different factors such as the monthly income of a person.
There are a lot of things you need to understand about IVA if you need to have a proper understanding, but you can click here and get all the information with ease. Keeping that in mind, in this article, I am going to be talking about the things you need to about IVA. This is for people who are not sure what to do or where to start from. So, with that said, let’s go ahead have a look, shall we?
It is a Legally Binding Agreement
One really important thing that you need to understand about IVA is that it happens to be a legally binding agreement. This basically means that once the agreement has been signed, it will not be possible to make changes to it; this goes for both the creditors, as well as the debtors. This is a good thing because that way, the debt will be paid off in no time.
Both Parties Must Agree
Another really important thing that a lot of people need to understand about IVA is that both parties must agree before they can actually enter the agreement. This is something that most of the people completely forget about, however, the good thing is that it does work in most cases, and both the parties come out satisfied. Still, it is something that we must keep in mind.