Basically iva calculator is a financial situation in which an assigned third party helps and supports the person (debtor) concerned to repay the debts. All the debtors who find it difficult to pay off their debts can now make efficient use of the various debt management services offered by a lot of financial institutions. A very important component of the debt management service offered by financial institutions is the debt management plan.
Most of the time iva advice plan has an assigned third party which holds talks with the creditors and settles down on a time barred payment plan so as to reduce the money required to pay off the monthly payments. Before making up your mind to use debt management as a support system to easily pay off your debts, you must know that you’ll only be eligible for a debt management plan if your total debts are more than $10, 000, moreover, you must also give a serious thought to the fact that your credit score will be adversely affected on your participation in the debt plan.
An individual involuntary agreement also forms a major component of the debt management services. So an debt management calculator is basically a legal contract wherein the debtor, the creditors and a Licensed Insolvency Practitioner play the role. The debtor concerned and his creditors agree upon a mutually drafted plan which is supervised by the Licensed Insolvency Practitioner, which primarily looks into the matter of the debtor and prevents situations of bankruptcy on part of its clients.