Good and Bad facts of an IVA - Debtors opinions and comments

The concept of IVA is designed to make the debtor to handle his or her debt in an efficient way without having to declare his or her bankruptcy. However, this concept has been controversial since many a times the debtor is not able to pay the monthly installments fixed under the IVA.

Often many unscrupulous companies dupe the debtors and charge exorbitant fees. Such things have tarnished the reputation of the IVA as an efficient solution to the debt problems. But it must not be forgotten that the very concept of IVA is based on the hope that the debtor will try his best to repay as much money to his creditors as possible within the term of the IVA. The idea is to create a win-win situation both for the debtor and his creditors.

Views of the people who have been a party to an IVA and their experiences about the whole thing are a mixed bag.

Some of them have found IVA to be a boon for debtors who have failed to come out of their mounting debts. Others have found it to be a money minting exercise by IVA companies who are not interested in helping the debtors actually but are more interested in exploiting and harassing the debtors further.

It rests solely upon an individual debtor to decide the way out for him or her if he or she finds him or herself caught in huge debts.

Having comprehensive information on the topic is necessary and choosing the right company is the first important step in this regard.

Before applying for an IVA, make sure you understand all the fees and cost involved, do not underestimate other debt solution and always seek the advice of an impartial debt advisor, to better understand your options and financial situation.

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