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What is an IVA?
IVA Advantages (Pros)
The monthly repayments are set at an affordable level so you can continue with your life without the burden of your debts.
The agreement is for a fixed period of no more than 60 months (unlike a
debt management plan).
At the end of the Individual Voluntary Arrangement
(IVA), the creditors are obliged to write-off the balance of any unpaid debt.
The Individual Voluntary Arrangement (IVA) is a private agreement, and unlike bankruptcy it is not published in the press.
Creditors also must not contacting you throughout the Individual Voluntary Arrangement (IVA) or take any legal action.
Your home is not at risk on an Individual Voluntary Arrangement (IVA).
An Individual Voluntary Arrangement (IVA)) allows you an alternative to Bankruptcy.
You do not suffer the stigma that surrounds bankruptcyIVA Disadvantages (Cons)
An Individual Voluntary Arrangement (IVA) is a
formal agreement and if you do not comply with the terms you could be made bankrupt.
Some people would not like the idea of having to submit their financial statements for an annual review each year.
An Individual Voluntary Arrangement (IVA) obliges the debtor to provide these details without fail.
An Individual Voluntary Arrangement (IVA) is quite rigid and you must stick to the terms over the 60 month term.
Once the Individual Voluntary Arrangement (IVA) begins, the debtor is not allowed to take out any credit agreements.
It is considered a serious breach of the Individual Voluntary Arrangement (IVA)
if they do, and the Individual Voluntary Arrangement (IVA) could be failed by the insolvency practitioner
The Individual Voluntary Arrangement (IVA) will be noted on the credit file of the debtor,
and will stay there until the Individual Voluntary Arrangement (IVA) is completed.
Only when the Individual Voluntary Arrangement (IVA) is completed will the debtor be able to
improve their credit rating score.
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