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What is IVA?

April 26, 2017IVA

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What is IVA?

3 Answers

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IVA IVA Posted

insolvencyhelpline.co.uk
IVA

The IVA procedure was introduced in 1986 under The Insolvency Act and is a legal procedure where the person in debt pays back a percentage of what is owed in full and final settlement. The IVA is a well respected and widely used debt solution.

Why use an Individual Voluntary Arrangement (IVA)?

A legally binding way to reduce the amount that you pay back
A way to stop any further interest charges
A way to reduce your monthly repayments
This means more money in your pocket at the end of the month IVA Pros
An IVA is private so your friends and family will not find out about it. The pros of this is that there is not social stigma with an IVA.
After an IVA is completed you are debt free.
An IVA acts as a safeguard to losing your home.
A person subject to an IVA can continue to have a current account. Please note the person will not be allowed an overdraft facility though.
An IVA will have a person debt free in up to 5 years.
Up to 75% of your debt can be written off in an IVA

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I.V.A. (Impuesto al Valor Agregado) is the 15% Mexican sales tax. Your bills or receipts will usually show “+ I.V.A.” and then the total. Or they may state that the tax is included.

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I.V.A. (Impuesto al valor agregado), this is Mexican sales tax, it is 15% in the state of Jalisco and you will notice it in all your bills, many items that you wish you purchase will have a notice “tax included” or “+ I.V.A.”(not included).