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:
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.