IVA Advice, no need to apply for bankruptcy.
Author: Abdul Aziz IVA is a life saver for many people who are almost bankrupt or already declared bankrupt. It is a counter measure to bring people out of debt while allowing creditors to gain more from the debtor as opposed to bankrupcy.
IVA stands for Individual Voluntary Arrangements and it is used in UK through contractual repayment arrangement with creditors for debtors wishing to avoid bankruptcy. Established by the Insolvency Act 1986, the private arrangement between debtor and creditors has been beneficial for helping debtors avoid the stigma of being a bankrupt, get their debts settle within 5 years or whatever term they are comfortable with and doesn't restrict the debtor from obtaining future credits. Business people and traders will appreciate IVA even more because taking an IVA doesn't require them to dissolve their partnership or cease acting as director of their company. The fee is lower than declaring bankruptcy and they still get to keep their house and other assets.
With a debt exceeding £15,000 owed to 3 or more creditors, you are qualified for IVA. All these information and more will be available to you when you ask for IVA advice. You will need IVA advice before going forward with it because sometimes, an IVA can go wrong too. Your proposal might get rejected the first round or you ended up agreeing to unrealistic proposals; IVA advice will help you get the best agreement.
IVA advice can be sought online in the comfort of your home. Be sure to go to reputable IVA advisors with license and are knowledgeable on IVA regulations. If possible look for free IVA advice.
The option of whether to apply for IVA or declaring of bankruptcy is quite easy to make. The stigma from bankruptcy will stick with you forever while IVA is a discrete arrangement between you and your creditors. At most, your record will be kept for 6 years in your creditors' file. If you declare bankruptcy you still have to pay a certain fee and sell your assets to pay off the debt. IVA allows you to work out an arrangement to pay at your terms according to your affordability and income. It is very flexible and your Insolvency Practitioner will guide you all the way to a debt free life. Before you know it, 5 years would have pass and you can happily start your new life, debt free.
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