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IVA Advantages
Being declared bankrupt or opting for an IVA is an important decision. Here we look at IVA advantages and how an IVA can be a good debt management solution.
When filing for bankruptcy, the judge of the bankruptcy court may deem insolvency unnecessary and order you to apply for an IVA.
Other people choose an IVA as a solution to bankruptcy before it gets as far as court. If you have large amounts of debt and need a solution to bankruptcy, then an IVA may be your answer.
Why not speak to one of our approved IVA specialists today on 0800 014 7863 or complete the online application on the left and our approved advisor will be happy to discuss your options and answer any questions you may have.
IVA Advantages
Keep your assets with an IVA
Bankruptcy commonly requires your assets to be sold to pay your debts. Assets with the highest value tend to be your home and car, thereby putting them most at risk.
An IVA allows you to keep your assets.
IVA – a private affair
Your bankruptcy is advertised in the local newspaper and London Gazette. While not necessarily dirty washing it is nevertheless hung out to dry – which can leave you feeling the same way. You are literarily ‘declared bankrupt’.
An IVA, however, is strictly a private matter between you, the creditors and insolvency practitioner (who supervises the arrangement).
No professional disqualification
If declared bankrupt you will be unable to hold certain positions, such as promoting or managing a company. There are exceptions but only when permitted by the court.
With an IVA your professional status is unhindered, you can continue work as normal or even run your own business. This holds true for public offices, where your position will be unaffected with an IVA.
Lower costs
Both debtor and creditor save costs with an IVA.
IVA benefits at a glance
- No debt collection agency can take legal action against you.
- An IVA can clear up to 75% of your debt.
- You pay monthly affordable rates.
- IVA gives you protection from creditors.
- Debt free after IVA is completed.
If you currently have unmanageable unsecured debts such, such as an overdraft, store cards, credit cards and loans, an IVA could be help.
We do not provide any professional services directly, our aim is to provide a community where people experiencing debt issues can get impartial help and advice from like minded people who are either in the same position or may have gone through what you are currently going through. We also provide a range of professionally prepared FREE reports on different debt solutions and our free advice line is open to discuss debt solutions in more detail.
To download our free report please click here
To talk to our approved debt specialists who are fully licensed Insolvency Practioners (IP’s) and offer a full range of solutions please telephone 0800 014 7863 or take the 30 second debt test by clicking the link on the left. If you qualify for further debt help and assistance our approved adviser will call you back and explain your options to finally becoming debt free. There is no cost for this call and no obligation.
DIY Debt Solutions
Ideally suited to debts of less than £5k with some disposable income available. Learn how to consolidate your situation and reduce your monthly payments by learning to negotiate with your creditors directly.
DIY Debt Solutions Debt Management Plan
Designed for debts of up to £15k where creditor pressure is becoming too much to handle and you may have failed to agree to an overall acceptable monthly payment with your creditors directly.IVA
Minimum total Debt of £15k to qualify for an IVA. Typically you can write off up to 75% of your debts and repay the balance over 5 years. This is a formal arrangement and failure to maintain it can have serious implications
Bankruptcy
If you have been refused an IVA or simply do not have any disposable income to come to an arrangement with your creditors Bankruptcy may well be your best option but professional help and advice is strongly recommended before entering into any formal arrangements.