IVA or individual voluntary agreements are basically agreements that are signed between you as well as the person or the firm you owe money to. Considering how it is voluntary, both parties have to agree with the terms that are given to them. In addition to that, one must understand that it happens to be a legally binding agreement between 2 parties, and neither of the party can force each other to make the changes once it has been signed.
With that said, you can find out more if you can’t understand what IVA means. In addition to that, you also need to know that many people are not aware of what debts can be paid off using IVA. So, keeping that in mind, I have decided to list down some of the debts that can be paid off by IVA.
The first thing that you need to understand is that with personal loans, paying off is something that can easily be done. Now this is something that many people are not fully aware of, but personal loans can either be between you and the bank, or you and an individual, and in both cases, these can be paid off using IVA, provided the firm or the person who’s you have to pay back agrees on the IVA.
Another debt that can be paid off using IVA is overdrafts that you get from the bank, however, you need to understand that in case the overdraft amount is small, the bank is less likely to agree because then it becomes unrealistic. Just for the sake of keeping up to date, you need to understand that overdrafts can easily be paid off using IVA. So, that is something that you need to keep in mind.