The repayment plan should be based on an amount that you can reasonably afford and creditors must approve it. When you make monthly payments, the IVA usually lasts 5 or 6 years. (b) Your request for a voluntary repayment agreement must: An individual voluntary agreement (IVA) is a formal and legally binding agreement between you and your creditors to repay your debts over a specified period of time. This means that it is approved by the court and your creditors must comply. c) If the creditors` agency decides that the proposed repayment agreement is not acceptable, the worker has a 15-day period from the date on which he was informed of that decision to submit a request for consultation or a special review pursuant to Article 179.210. (b) the creditors` agency reviews a timely and duly submitted claim by the worker`s debtor and informs the worker whether the proposed refund agreement in writing is acceptable. It is up to the creditors` agency to accept a repayment agreement instead of compensating. If you opt for an IVA, prepare a repayment plan with the court administrator. These may be monthly payments, a lump sum or a combination of both. An individual voluntary agreement (IVA) is an agreement with your creditors to settle all or part of your debts. You agree to make regular payments to a court administrator who shares this money between your creditors. (3) Either propose payment of the debt (as well as interest, penalty fees and administrative fees) in a lump sum, or establish a proposed repayment plan. (1) In response to a declaration of intent, a worker may propose to repay debts through voluntary payments as an alternative to wage compensation.
A worker who wishes to repay a debt without a salary bill has a corresponding contract in writing for the repayment of the debt. The proposal recognizes the existence of guilt and the agreement must be in place in a way that is legally applicable. The agreement must: (a) In response to a debt statement, you can propose to the company to repay the debt through a voluntary repayment agreement, instead of taking other collection measures under that part. (d) The Corporation will consider a request to enter into a voluntary refund agreement pursuant to fccS. The Chief Executive Officer may ask you for additional information, including financial statements, if you request staggered payments to decide whether a voluntary repayment agreement should be accepted. It is up to the Chief Executive Officer to accept a repayment agreement instead of implementing other collection measures under that part and setting the necessary conditions for a voluntary repayment agreement.