Individual voluntary agreement is something that has been making waves in the money market for quite some time. For those who do not know, this is an agreement between the debtor, and the creditor that allows people who owe money to someone to actually come to an agreement with people who they owe money to, and in result, be able to pay off the debt in a set time.
As the name might suggest, it is important to know that this is a legally binding agreement, so both parties can’t alter it, or back off from it. There are several benefits of this agreement that most of the people are not aware of. Today, we are going to take a look at some of the benefits of IVA you should know about. You can also head over to financial-news.co.uk/46983/2018/03/are-ivas-too-good-to-be-true-or-do-they-really-help/ and get more information if you want to. As for the benefits, you can check them out below.
It Takes Away The Stress
I know the stress that comes with paying off the debt, especially when you know that the debt will keep increasing if you don’t pay the money on time. However, IVA freezes off any additional debt, and it makes it a lot easy for a person to pay off all the debt.
The Debt Freezes
Another thing you need to know about IVA is that the debt freezes when you enter an IVA. This means that the debt you have on yourself will remain where it is without having the risk of increasing. This is one of the most beneficial things for people who are under debt and want to pay it off on time. Not even kidding, I know many people who have entered IVA, and have had really good experiences.