An Individual Voluntary Arrangement (IVA) carries significant Pros, or advantages, for the debtor who is struggling with a serious debt problem.
Finding the debt solution that offers the most suitable way out of debt can be a tricky problem. With most debt solutions there is a downside, an number of disadvantages cause by the solution itself.
However, to balance the downside, there are the Pros, or advantages. These are the reasons why you would choose a particular solution over another.
An Individual Voluntary Arrangement (IVA) is full of Pros.
Here is a list of the main Individual Voluntary Arrangement (IVA) Pros:
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- Affordable Repayments. The monthly repayments are set at an affordable level so you can continue with your life without the burden of your debts.
- Fixed Term Agreement. The agreement is for a fixed period of no more than 5 years.
- Debt Write-Off. At the end of the Individual Voluntary Arrangement (IVA), the creditors are obliged to write-off the balance of any unpaid debt.
- Privacy. The Individual Voluntary Arrangement (IVA) is a private agreement, and unlike bankruptcy it is not published in the press, and also because the Individual Voluntary Arrangement (IVA) is private your employers will not be notified.
- Professionals. The Individual Voluntary Arrangement (IVA) is available for those debtors whose occupation restricts a bankruptcy solution.
- Protection. Creditors forfeit the ability to take legal action against you. Creditors also must refrain from contacting you throughout the Individual Voluntary Arrangement (IVA).
- Binding Agreement. A creditor cannot insist on changes to the Individual Voluntary Arrangement (IVA) repayments.
- Security. your home is not at risk to the creditors.
- Permanent Solution. An Individual Voluntary Arrangement (IVA) allows you an alternative to Bankruptcy.
- Satisfaction. You do not suffer the stigma that surrounds bankruptcy, and you have the knowledge you paid back to the creditors as much as you could afford.
Take this link if you want to read about the Cons, or downsides to an IVA.
If you would like to read a full explanation of the IVA process click here.
If you want to discus you personal circumstances, and see how an Individual Voluntary Arrangement (IVA) would be applied to your situation you should call My IVA Adviser for free on 0800 088 7503, where one of our Individual Voluntary Arrangement (IVA) specialist advisers is waiting to help you.
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