The Benefits of IVA You Should Know About
IVA or Individual Voluntary Arrangement is an agreement between a creditor and a debtor. In the agreement, the debtor agrees to pay a fixed rate to the creditor on a monthly basis; and keeping the regulations in mind; the creditor cannot make any changes to the payment amount, or have an interest rate on the loan that needs to be repaid.
With that in mind, the one question I have been asked a numerous times is can you get an IVA in Scotland? The simplest, and shortest answer is that you can. You should also know that there are several benefits of getting an IVA. That is why I thought I should list them down so people have a better understanding of what I am talking about in this article. Let’s go ahead and have a look, shall we?
It Saves You From Bankruptcy
One of the best benefits of IVA that a lot of people need to know is that it can save you from bankruptcy. This means that you will be saved not only from bankruptcy, but you will not be losing your possessions. However, keep in mind that not every creditor works actually accepts IVA as a method, so it only depends on the creditor.
It Will Stop The Legal Action
Another benefit that I always mention is that if your creditor is pursuing a legal action, that legal action will be stopped. However, at the same time you need to keep in mind that the action will only stop if you are making your monthly payments without any delays. Some creditors might be a bit lenient on the payment delay, but not everyone will follow the same thing. Which means that it completely depends on the creditor you are dealing with.