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Advantages and disadvantages of an IVA
The advantages of an Individual Voluntary Arrangement (IVA) :
- 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.
Click here to see some of the disadvantages of and IVA
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