(d) If the creditors` agency decides that the proposed repayment agreement is acceptable, the alternative agreement must be written down, signed by staff and the lender agency, and meet the other requirements of this section for the voluntary repayment agreement. Your IVA may be terminated by the Judicial Administrator if you do not maintain your refunds. The court administrator may let you go bankrupt. (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. (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 portion. 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 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.
(d) The Company will consider a request to enter into a voluntary refund agreement in accordance with 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. A refund agreement does not commit the company unless it is written and signed by you and the Chief Executive Officer. At the company`s choice, you may be required to provide security as part of the agreement to make payments in installments. Notwithstanding the provisions of this section, 31 U.S.C 3711 will settle any reduction or compromise of a debt. 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.