An individual voluntary arrange or IVA is increasingly becoming the chosen course of action for those who are experiencing substantial debt problems because an IVA is one of the best methods to stave off the consequences of bankruptcy.
Individual voluntary arrangements (IVA) first came to pass in 1986 in conjunction with the Insolvency Act and since that time over two decades ago, many thousands of people across the UK have utilised an IVA in order to prevent bankruptcy and the myriad of negative implications which go hand in hand with declaring oneself as bankrupt. An IVA is essentially a means by which to show your creditors that you aim to pay back your debts and is a legally binding agreement between creditors and those in debt. One of the principle benefits of an IVA for those experiencing profound debt problems and facing bankruptcy is the fact that, in many cases, an IVA will significantly reduce the amount that an indebted individual has to repay. In order to best understand how an individual voluntary arrangement can work for you, it is prudent to speak to specialist IVA providers who are well versed in the processes that underpin individual voluntary arrangements and will offer advice that will help stave off bankruptcy.
IVA – A Clear Choice for those Struggling with Debt Management Problems
It is safe to say that in the last 12 months alone, individual voluntary arrangements (IVA) have positively soared in popularity and this is largely due to the fact that most indebted consumers and homeowners have now come to realise just how many tangible benefits and IVA can have when it comes to getting their finances on track. For example, with an IVA most will find that the high interest rates that were likely to have been problematic with their repayments beforehand will be frozen and they can go about making more manageable repayments, usually over a period of 60 months, until they become debt free and by opting for an IVA, they won’t be lumbered with the negative consequences that are prevalent with declaring bankruptcy.
IVA – Weight of the Shoulders
It really is a horrible burden to be in debt and faced by bankruptcy, which is why so many consumers and homeowners are relieved with the emergence of individual voluntary arrangements (IVA) as a viable means of stepping clear of large level debts. Once a IVA has been successfully completed, the individual in debt will be issued with a Statement of Completion and will be officially considered debt free from that point onwards.