IVA – Individual Voluntary Agreement
A legally binding agreement between someone who owes money and their creditors. Designed by the government to help people get out of debt, an IVA can only be administered by an Insolvency Practitioner (IP). It is an alternative to bankruptcy, and normally only available to people with £15,000 or more of unsecured debt.
The person agrees to pay a certain amount for a fixed period of time (normally 5 years). Their creditors agree to write off any debt outstanding at the end of that period, and not to take any further action against them.
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A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
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