A individual voluntary agreement is when someone who is in serious debt make a legal agreement with their creditors to pay off all debts through a monthly payment plan to avoid having to become bankrupt, the arranged payment plan is always fixed term and once it has been agreed both the debtor and creditor must stick to the arrangement.
The IVA plans first were introduced into the UK in 1986 and this was part of the Insolvency Act 1986, which made IVA plans available to everyone who lived in England. If you are looking to complete a IVA plan it is best to look for a reputable company such as www.iva.net for professional IVA advice, they will arrange the best plan for you so you can repay your creditors in one whole monthly agreed payment plan.
These payment plans usually consist of 60 monthly repayments and once all of these payments have been completed any remaining debt will be written of completely at the end of the repayment term. The number of people in the UK entering into IVA agreements has risen in recent years due to the credit crunch and economic climate changes.
Visit www.iva.net today for professional advice.