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Individual Voluntary Arrangement IVA, an alternative to bankruptcy
Individual Voluntary Arrangement, IVA is an alternative to bankruptcy - which could provide you with a real solution to your debt problems. An Individual Voluntary Arrangement (IVA) is an alternative to bankruptcy. If you have a substantial amount of unsecured debt an IVA could be your best solution. IVAs are controlled by government legislation and can only be set up by licensed Insolvency Practitioners. An IVA acts as a legally binding agreement between you and your creditors, freezing interest charges on your debt and setting an affordable monthly payment amount over an agreed fixed period (usually 5 years). It is important to remember that you should only consider an IVA if you have sufficient money available to contribute towards repaying your debts each month or additional assets which could be taken into consideration. Disadvantages of Bankruptcy Notices placed in the press IVA could help you with: The unpaid balance of your debts is written off ? as much as 75% Bankruptcy is not only option when getting out of serious debt? Greg Penn
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