Benefits of IVA over Bankruptcy
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Benefits of IVA over Bankruptcy

London : United Kingdom | Aug 16, 2012 at 3:25 AM PDT
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If you are in serious debt situation where it is really an annoying situation to manage your payments and expenses then it is better to move towards some reliable repayment options. There are several formal and informal options that can help you in typical situation. It’s upon you, your financial situations, debts and creditors that which option is more suitable for you. If you find it is really difficult to afford your bills then bankruptcy is an ultimate solution to get out of existing debts. But it can ruin your credit score for further seven years so, reaching at any conclusion it is advised to consider other options also.

IVA is also a formal way to clear debts and it has several benefits over bankruptcy. You can choose this option if new repayment plan is reasonably affordable for you and acceptable for your creditors. Some benefits of IVA are:

  1. You will not need to pay your debts in full. You will make regular payments to pay back part of your total debts
  2. There is only one fixed monthly payment easy in comparison of multiple payments
  3. Your creditors cannot take any legal action against you during IVA period
  4. Your possessions of professional status will not be at risk unlike bankruptcy
  5. Licensed insolvency practitioner will deal with your IVA so most realistic proposal will be presented in front of your creditors so there is less chances of refusal
  6. No risk of losing your home unlike bankruptcy or debt relief order
  7. IVA doesn’t publish on local newspaper
  8. Interest rate freezes and you will not make any payments for interest rate

These points are clearly indicating about the benefits of IVA over bankruptcy. You should check eligibility criteria for bankruptcy. If you are eligible then apply for the same. Remember to make regular payments for success of IVA plan.

rbsmith is based in Mumbai, Maharashtra, India, and is a Stringer on Allvoices.
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