Individual Voluntary Agreement Questions

Individual Voluntary Agreement Questions

Before entering into an individual voluntary agreement there is several individual voluntary agreement questions that will have to be answered. The first among all the different individual voluntary agreement questions that requires a clear answer is one that relates to what an individual voluntary agreement really is.

Individual voluntary agreement - who can qualify?

There are several other individual voluntary agreement questions that will also require clear answers. For example, you will want to know more about how a person qualifies for an individual voluntary agreement. Also, you will need answers to individual voluntary agreement questions such as what is the individual voluntary agreement process.

A good option?

One of the most important individual voluntary agreement questions is whether an individual voluntary agreement is a good option and can it help one escape the reality of having to file for bankruptcy. One will also want to find answers to individual voluntary agreement questions such as what are the main advantages of entering into an individual voluntary agreement. Also, you will need answers to other individual voluntary agreement questions such as what are the disadvantages of individual voluntary agreement.

The Process

Perhaps the most important of all individual voluntary agreement questions is the one that deals with the individual voluntary agreement process. The answer to such individual voluntary agreement questions is easy to find. Essentially, an individual voluntary agreement has to be put in place by a professional who is known as an Insolvency Practitioner who provides advice to the debtor regarding the feasibility of the individual voluntary agreement.

Once you have decided to enter into an individual voluntary agreement, you will then need to answer individual voluntary agreement questions regarding your present financial position so that you can calculate the amount that you will actually need to pay to your creditors on a monthly basis. This amount will then have to be multiplied by a factor of either sixty or seventy-two months (the entire period of the individual voluntary agreement.)

If you, the debtor, are reasonably sure that you can pay the amount so calculated then you can be sure that the individual voluntary agreement is a suitable course of action that you can pursue with confidence.

The next stage is the actual drafting of the proposal to the creditors in which you will spell out the repayment plan and you can then apply for an Interim Order. Once this Order is put in place, the creditors are then barred from taking action against you and there is no need for obtaining permission from the Court.

There are many important individual voluntary agreement questions that need to be asked. For example, you will want to know how much the individual voluntary agreement is going to cost. This amount has to be negotiated between the debtor and their creditors. The debtor must ensure that they agree to pay only what they can afford to pay.

Finally, when finding answers to individual voluntary agreement questions, be sure to find out about how much of your debts can be written off via the individual voluntary agreement.

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