An Individual Voluntary Agreement or IVA gives you the freedom of repaying your debt at a comfortable level whilst avoiding the stigma of being blacklisted on credit rating and from being halted doing business by being declared bankrupt. The system of IVA is highly regarded by creditors who seek a way to get money owed out of debtors, as creditors hate to see bankrupts as there is little chance that they will see the money owed in debt again.

Taking out an IVA is a matter that should be done only after taking good and sound legal advice and only if other options have been exhausted and you are considering bankruptcy as a viable alternative. The IVA would allow you to take the stress out of your finances and concentrate on a system of repayments giving you great piece of mind.

 The IVA is set up with mediation with an outside supervisor who assess the level of debt that is owed and compares it to the level of debt that you could realistically repay over a set time.

 This contractual agreement is presented to your creditors and left for them to asses whether the amount suggested is acceptable to them while they take into consideration your situation and ability to repay the debt. The IVA also gives you freedom from the constant calls and demands of your creditors as they will then work through the supervisor to negotiate and deal with your contractual obligations through them. This gives many people who are in a severe level of debt great piece of mind as they no longer fear opening their mail.

 Having an IVA will set out a timetable of repayments which is suited to your budgetary needs and which is also acceptable to your creditors. Once this is in place it should not be necessary to negotiate further with them until the debt is close to being fully paid off.

 There is great piece of mind from taking out an IVA and when done it will satisfy the creditors but more importantly will allow you to get on with life.