IVA or individual voluntary agreement is an agreement that freezes your debts, and then allows you to pay it off in a given time. It is something that a lot of people have been talking about in the modern day and age, and more and more people are actually opting for it just because how convenient it is. With that in mind, there are some advantages of IVA that many people completely forget to look at because they are not sure if it is true or not. So, keeping that in mind, this website will guide you on everything that you should know about IVA, and in this article, I am going to talk about some of the advantages. Since the advantages are the ones that are often overlooked by most of the people. So, now that I have it out of the way, let’s have a look, shall we?
You Will Be Free in Set Time
One of the biggest benefits of IVA is that you get free in a set time whenever you are in the debt. This time is determined on some factors like the amount of debt you have to pay, as well as the disposable income and similar factors. Keeping that in mind, the good thing is that you will be free in whatever time is determined.
It is Affordable
Another good thing is that IVA is affordable, to say the least. That is because the monthly payments are determined based on what you earn on a per month basis. So it never is something that you can’t afford. Sure, you will have to cut down some of the other expenses, but at least you will know that your IVA will be easily paid off. This is a huge advantage.