Why an IVA can be better than Debt Management Plan

Why an IVA can be better than Debt Management Plan

Why an IVA can be better than Debt Management Plan Individual Voluntary Agreement is a legally binding contract between a debtor and their creditors supervised by a legally licensed practitioner to pay back their creditors at an amount they can afford monthly over 5-6 years. Once the final payment is made, any other debt can be written off. Looking at the two ways of paying off debts, I can say Individual Voluntary Agreement is much better due to some advantages o it has over debt management In an Individual Voluntary Agreement, all interest and charges are frozen as long as all the repayment, interest etc. are made, but in debt plan management it might not necessarily be froze. Iva takes half the time to complete payment compared with a debt management plan with the same monthly contribution. Individual Voluntary agreement has standard fees as long as you make all your repayment, it is removed from the amount sent to your creditors and doesn’t...
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