Nowadays, we live in a very, very difficult economy. Across the world, we notice that more and more people are facing troubles handling the economics. Especially young people who are unable to find jobs that will provide them with a good salary.
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People Are Borrowing Money
As a result, we notice that more and more people tend to take loans from either banks or other individuals in order for them to be able to cope through every day obligations. Unfortunately, seeing as salaries are not increasing rapidly, it is really difficult for people to repay their debts.
If you are in debt and you wish to repay it but you are unable to provide the entire sum to the person you’re the monitor, what you need to do is an IVA. An IVA also known as an individual voluntary agreement could be the right document for you.
Creating A Formal Debt
Basically, it is a formal debt agreement that will be able to provide you with the opportunity of repaying a specific amount of your debt if not the entire debt within 60 months of the day you received the money, well paying an amount you’re comfortable with.
In other words, once this agreement is signed, you will have all the way up to 60 months to pay back a certain amount of your debt if not the entire debt by setting a specific amount of money every single month that you will be comfortable with.
Enough Time To Repay Your Debts
After the 60 months pass the debt is considered settled. As you can understand, this can be quite a profitable legal agreement for both parties seeing as, the biggest amount of the debt if not the entire debt will be paid back while the person owing the money will have enough time to pay them back without worrying about having money for basic necessities.
If you do owe money or if you are thinking about borrowing money for a specific reason, you might want to consider an individual voluntary agreement. It could be a great help to you when it comes to paying back your debt.
A Helpful Legal Agreement
As a creditor, you must be very careful when you are signing an IVA, seeing as once the contract has been signed, you will not be able to change your mind or request your money back in any other way. Choose correctly.