IVAs & Bankruptcy

Choose from the following topics:
What is an Individual Voluntary Arrangement (IVA)?
How and why would a creditor accept a lower amount?
What do I have to pay for this advice?
The Advantages of an Individual Voluntary Arrangement <
The Disadvantages of an Individual Voluntary Arrangement
The Advantages of Bankruptcy
The Disadvantages of Bankruptcy
The IVA Process

The Advantages of an Individual Voluntary Arrangement
• You may only pay back a percentage of your total debt.
• You only have to make one affordable monthly payment, or in some cases, a one-off lump sum.
• The arrangement is legally binding on all your creditors. They cannot change their minds once it has been approved.
• Once the IVA is in place creditors cannot bring any action against you, as long as you maintain your agreed monthly payment.
• You are able to operate a 'normal' bank account as long as it does not have an overdraft facility.
• You will know from the start what and how long you will be paying
• All further interest and charges are frozen.
• Some individuals feel an IVA carries less of a stigma than bankruptcy.
• Gives creditors the greatest possible return over the period that they would be unlikely to receive using any other agreement.
• No publicity in the local papers.
• It may safeguard your property or other assets
• Your professional or directorial status is usually protected
• If your circumstances change then most IVA’s can be modified with the consent of the creditors.