Do You Understand IVAs?
Debt management is probably the most well know debt solution, and often an individual voluntary arrangement is completely forgotten about. So what is an IVA or an individual voluntary arrangement to give it its full name? An IVA is a structured debt repayment program which helps the debtor to keep their important possessions (such as their house and car) and not have to file for bankruptcy. Whilst bankruptcy can clear all of your debt in 1 year rather than 5 in an IVA, there is far less upheaval on a personal level with this method. An IVA may well be registered but nobody in reality is even going to know that you are doing one, thus you can carry on with your life as normal.
Categorised as: Business