- Thursday, 14 May 2009The formal nature of an
individual voluntary arrangement means that an
IVA consultant should be used in drawing up the necessary conditions, it has been suggested.
Writing for Article Codex, Robert Palmer explains that
IVA specialists will typically draw up the necessary documentation.
This can include an assessment of the individual's current finances and a proposed schedule for future repayments on outstanding debts.
Mr Palmer says that the
IVA consultant will double-check these with the individual before any formal arrangement is entered into.
Once the agreement is in place, the repayments made help to provide some recompense to the person's creditors for the amount that they are owed.
The article author suggests that, in around five years' time, this can lead to the individual being debt-free.
Neil Faulkner recently wrote for lovemoney.com that IVAs can be particularly well suited to people who could face losing their jobs if they were to declare bankruptcy.
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