A few creditor tips for IVA

An IVA can indeed go a very long way in serving as a viable lifeline for people who may just be managing, the poor. In summary, it is simply a contract between the creditors and the debtor and managed by a licensed supervisor under whom a certain agreed portion of the debt, which is owed, is paid back over a period, which is agreed upon at fixed monthly rate. It is also worthy of note that the supervisor can make a request for an order of bankruptcy against the debtor in the event that such a person does not abide by the terms of the agreement.

While a number of debtors are quite honest as regarding how much they are able to pay and how much it I that they owe, and are willing to make use of the process for solving their problems, there are others who are simply mischievous. Another category of people simply look for ways to manipulate the process for their own selfish gains. It is therefore very important that a debtor is as sincere as possible with his or her creditors. For instance, in the event that a debtor is a person who is professional who does not reveal the fact that he or she is facing certain disciplinary measures, which may affect his or her chances of continuing in that role, the agreement can be cancelled.

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