IVAs

Many people ask, what is an Individual voluntary arrangement?

An IVA is a form of debt solution available to UK residents that want to write off a significant portion of the debt that they owe to creditors. IVAs began as part of the Insolvency Act and has become quite popular in recent years.

The main reason is that they allow you to write off a portion of your debt without having to file for bankruptcy. This means that you’ll get to keep your home and car and it will not affect your professional standing in many careers. Bankruptcy also has a stigma that many people want to avoid. Both bankruptcy and IVAs will stay on your credit rating for some time so in that way they can both be bad solutions. If you have gotten yourself into such serious debt then you may not have a choice in the matter.

Finding info on IVAs is simple – just do a search on the internet and you should come up with something. The government advice sites are also very helpful.