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 BankruptcyNotices placed in the press

Potential loss of assets such as your home, business and car

Long term effect on your ability to apply for a credit or a mortgage

Restriction to work within certain professions or hold a position of office

Your utility suppliers? gas, electricity etc? informed

Your bank and building society accounts closedIVA could help you with:The unpaid balance of your debts is written off? as much as 75%

One affordable monthly payment, usually for five years

Protects you from further action by your creditors

Your creditors are legally bound by the terms of the agreement

No uncertainty: you know how much you have to pay

Alternative to bankruptcy

No public notices: an IVA is between you and your creditorsBankruptcy is not only option when getting out of serious debt?Greg Penn http://www. freemanjones. co. uk

Author:
Greg Penn