The IVA World - Debtor (you)
 

Debtor (you)

Debtor
(you)

 


If you are in debt then the debtor is you!

Debtor
Quite simply, a debtor is someone who’s in debt. A debtor can be an individual, a company or even a country that owes money to someone else. The person that the debtor owes this money to is called the creditor. When your creditor is a bank or other financial institution, instead of debtor, you’re more often referred to as a borrower.
Default
If you fail to meet the expected legal obligations set out by your credit agreement, you’re said to be in default. For example, if you miss a scheduled payment you have defaulted on your loan. Default may occur if the you are either unwilling or unable to pay your debt.

If the debt owed becomes unmanageable, there are debt solutions on the market that can help you to avoid default.

Bankruptcy and IVA
An IVA (or Individual Voluntary Arrangement) is a legally binding contract whereby you agree, along with your creditors and Insolvency Practitioner, to make a fixed monthly repayment on your debt. An IVA will usually last 5 years and is often regarded as your best alternative to bankruptcy.

For more information see:
IVA calculator

 
     

 

 
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