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Debt Soft offers software for Individual Voluntary Arrangement
(IVA) Companies and Insolvency Practitioners at UK market.
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement
(IVA) enables consumer to make a formal proposal
for payment to his or her creditors through an Insolvency
Practitioner. The proposed payments will be less than the
full amount of the debt owed but creditors would be accepting
the offer in full and final settlement of their claim.
The proposal will be tailored to meet consumer's
individual circumstances but typically would involve you
paying a monthly payment, a lump sum or some combination
of the two.
One might consider an IVA as an option for
one of two reasons:
- To avoid Bankruptcy where that is considered
too drastic a step and where a realistic proposal for payment
can be made.
- Where the option to make reduced payments
would result in an unreasonably long repayment period to
clear the debts in full.
The normal way to obtain an IVA is to
approach an Insolvency Practitioner. The Insolvency Practitioner
will act as "Nominee" until the IVA is formally
approved and as "Supervisor" during the remaining
term of the IVA.
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