- Thursday, 2 April 2009The
IVA process is generally overseen by a specialist insolvency practitioner to ensure everything runs smoothly, it has been noted.
Readers of This is Money are told that
IVA specialists watch over the procedure.
And any extra income - such as pay rises - which appears during the
IVA process can help to clear the debt, the article adds.
This is Money explains that individuals are given a number of years over which to repay what they owe.
Not all of the full amount must be paid back, as the article points out that only a portion is typically required to be paid under the terms of an IVA.
Much of the sum can be written off - with up to 70 per cent being a typical proportion to be waived under IVA terms.
However, the
IVA process could help an individual to work with their creditor in clearing the portion for which they are held responsible, as the arrangement must be agreed by a majority of those to whom money is owed.
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