Individual Voluntary Agreement FAQ

Individual Voluntary Agreement FAQ

There are certain questions that are closely related to an individual voluntary agreement that are going to arise in everyone's minds. If you are planning on entering into an individual voluntary agreement, then you must be able to find answers to these commonly asked questions. Fortunately, every company or organization that deals with an individual voluntary agreement will have created a page called the individual voluntary agreement FAQ page.

Individual voluntary agreement - helps to form an opinion

By consulting these individual voluntary agreement FAQ pages, you can form a good opinion about an individual voluntary agreement and once you become apprised about it, you can then make a more informed decision.

Optimum solution

You should consult the individual voluntary agreement FAQ pages to find out answers to the question, how one can know whether the individual voluntary agreement is the optimum solution to their problems. The answer is that though there are no rules cast in stone, there are certain criteria that can help you know that an individual voluntary agreement is the best solution.

Monthly payment

Next, you will want to know how you can calculate the amount of monthly payment that is affordable for a period of up to five years. The individual voluntary agreement FAQ page will provide an answer. Your creditors will want you to pay up the maximum amount of the debt but you have to create an income and expenses statement and then you have find out how much money you have left over after deducting your living expenses. This amount is what you should agree to pay to the creditors.

A third question that arises is whether the individual voluntary agreement actually works. The individual voluntary agreement FAQ page will provide a clear answer to this question. To know whether this agreement is worth pursuing, you will have to consult an Insolvency Practitioner who will evaluate your condition and provide you with an answer.

You will also want to know whether it is necessary to personally meet with creditors, or you can communicate with them via correspondence. The answer in an individual voluntary agreement FAQ page will clarify this point. The good news is that it is not absolutely necessary to meet with the creditors in person. Initial correspondence via email and phone calls can prove to be sufficient.

You will also want to know what happens should the creditors not like your proposal. You can find the answer to this question in the individual voluntary agreement FAQ pages. Unless seventy-five percent of all your creditors accept your proposal, it will not be legal and will in fact be considered as rejected.

One of the most important questions that arises in the minds of those that are thinking about entering into an individual voluntary agreement has to do with whether the agreement will effectively wipe away all the debtor's outstanding amounts. The individual voluntary agreement FAQ page will let you know that if you adhere to the terms of your agreement, then after the expiry of the agreement all your debts are going to be wiped away.

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