Being in debt is never a thing that is easy for a lot of people. As a matter of fact, there is a lot of stress that comes to you whenever you are under debt. The good thing, however, is that if you are under debt, there are some ways that you can get out of it. For those who do not know, you may have heard about something known as the IVA (individual voluntary agreement), this agreement is a legally binding agreement between the person who owes the money, and the party/individual to whom the money is owed to. Keeping that in mind, the advantages are there, but you need to have a proper understanding of that event, if you are looking for the understanding, you can go to this website and get all the proper information. As for this article, I am going to take a look at the advantages of IVA that you should know about.
Your Debt Does Not Increase
One of the biggest benefits of IVA is that your debt does not increase, which can in the case when you do not opt for IVA. Yes, it might sound strange, but that is how the situation is. When you sign this agreement, the debt freezes to the amount it is on, and then the time will be determined in which you will pay off the debt.
It Does Account Your Income
Considering the IVA is calculated based on different factors including your income, you should know that if you do not have a lot of monthly income, the IVA will be smaller, but the duration will be longer. This is something that you always need to keep in mind when it comes to IVA. The good thing is that IVA can easily be paid off during that time.