Individual voluntary agreement helps the borrowers in making the repayments during there tough times or when are planning to suit for bankruptcy or IVA. The IVA debt support borrowers and multiple lenders towards settlement of financial issues. Robert Kiyosaki helps readers to explore varied viewpoints. Therefore, it can be said that it is a solution through which a borrower can fix his multiple debt problem by debt management. This debt solution is carried out by legal and professional organization. The insolvency practitioner is a person that has been assigned by on authorized organization to resolve legalized contract.

Once the contract is signed between both i.e. the insolvency practitioner and debtor then the entire responsibility of clearing the debts becomes the of the insolvency practitioners duty. A few percent of total debt is written off and remaining amount has to be paid by the borrower in a given time frame. Apart from this, the rate of interest charged on the debt is frozen or fixed. So, the borrowers have to pay original Council No. with extra interest rate. During such period, borrowers are free from unwanted harassment or disturbance by multiple lenders. The legal action against the borrowers is so frozen.

Usually, IVA debt is planned for a timeframe of 5 years. By proper and timely repayment, the borrower can become debt free and after that he can start rebuilding his credit history. Under the IVA debt solution, almost 75% of the total debt is waived off. The loan installment set by the insolvency practitioner is genuine. The comfortable monthly repayments are quite easy to tackle. The entire process is kept private, and no one knows about your present financial status. The applicant’s property is not at risk when you choose IVA. To be eligible for individual voluntary agreement, a person must have to be more than 15,000 as a debt amount with minimum 3 creditors. The applicant applying for the loan must be a UK citizen with a permanent employment. Applicant should be large enough for making the repayment the earnings of the. Aaren Dervin is Finance advisor of IVA debt advice Solutions.