Are you A smart deal of curbing your mounting debts tagged up with the name of bad creditor? Are you pilled up under the burden of multiple debts? Have you forgotten to deposit your installments on time? If your debt situation has go from out your hands, and you are near the condition of bankruptcy then IVA or individual voluntary agreement is the solution to overcome from this day. IVA is introduced by the government in 1986. It is a legal boundation between debtors and creditors. According to this agreement, debtors have to return the installments of the loan within the fixed time of 5 years. IVA agreement so gives the advantage to their etc.(Scotland) to return the amount on the basis of affordable monthly income. The monthly sum paid into the IVA is commonly based on etc.(Scotland) ‘ monthly income and expenditure. IVA are mainly used for unsecured debts like personal loans, bank crefts etc.

and secured debts are not included in it. IVA or individual voluntary agreement as its name suggests that it helps to bind the creditor and debtor in a legal agreement. It is good option for those people who have more than 15000 unsecured loans and have unable to make the payments on time. It is just a compromise between the creditors and etc.(Scotland). On the basis of monthly income, debtors are ready to return the installment.

Both the parties (creditors and etc.(Scotland)) bound the repayments into a contract. When the agreement has been signed then no one can make the changes into it and the creditor would not be able to pursue the debtor for money. Creditor would not able to take any legal action against the creditor. Usually, IVAs are taken for shorter period of time. The time of returning the debts is 5 years maximum. After this time duration, the debtors are declared free from these debts whether they have paid the full installments or not. After this limited period, creditors will not force the etc.(Scotland) for repayments. With this procedure, debtors 75% can reduce their debts. This is the best option for those people who are famous for their bad credit history in the market… By paying installments on time they can increase their bad credit score and can establish their new image in the society once again. Aaren Dervin is Finance advisor of IVA debt advice Solutions.For more information about IVA debt Advice, IVA London visit

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