Advantages of an IVA

Take the first step to a debt free life.

All interest and charges on your unsecured debts will be frozen.
Individual Voluntary Arrangements are not published in local newspapers, unlike bankruptcy.
It will not affect professions such as the Police Force and Armed Forces, neither will it affect your ability to hold public office or act as a company director.
All unsecured creditors will be bound by the IVA.
The debtor, via the insolvency practitioner, is involved in the choice of assets made available to the creditors since the arrangement is designed to suit the debtor's situation.
Your contributions are based on your ability to pay.
Administration costs should be lower than bankruptcy, enabling higher payments for creditors.
The debtor is able to operate a normal current account, as long as it does not have an overdraft facility.
Once the individual voluntary arrangement is successfully completed your debts are effectively written off, providing you with a fresh start.

If you would like more specific information relating to your financial position please ask an expert.
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Apply for IVA