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The IVA (Individual Voluntary Arrangement) was created and made public in 1986, those who are very close to declaring bankruptcy this was created so consumers can avoid doing so. This is mostly suitable for anyone who has over £10000 in all different types of debt, but those who can apply must provide proof of regular employment.
What IVA does is protect you from receiving any future harassment from the creditors that are seeking you and it will legally bind all of you to an agreement. After you have created a plan and have committed to an IVA, you may be able take off debt for as long as six months.
Once an IVA agreement is made with all of your creditors you will be paying a single payment every month for a period of over five years. When it debt creditors will constantly raise the price of the bills until it's paid off, the IVA will stop any kind of future interest.
After you agree with an IVA plan creditors will then agree to write off all of your debt that you cannot pay and will no longer call you on a constant basis or send you tons of letters in the mail.
The best way to find what type of IVA debt solutions plan is best for you is to find someone who understands every part of your situation by gathering all of your personal financial situation. The person who is representing this will be an Insolvency Practitioner will take all of your IVA proposal to the different people you owe money to and it must be agreed to at least the majority of the people that you owe money to get an agreement.
If your IVA is denied then your Insolvency Practitioner will try to come up with an alternative plan for your financial situation.