SubscribeAn insolvency plan does exist which helps avoid some of the negative effects of bankruptcy and this is called an “IVA” which stands for individual voluntary arrangement.
This is not new however, the solution was introduced by the government in the mid eighty’s
The idea is that your income and expenditure is assessed and it is calculated what you can afford to pay back rather than what you owe, any of the amount that is not possible to pay back is written off and a monthly installment plan is put in place.
However in order for this to happen, you need to get the plan approved by your creditors
Once accepted by your creditors you receive legal protection from them being able to choose you or harass you for payments as they are only allowed to deal with the insolvency practitioner in regards to the money owed. They can no longer file to make you bankrupt.
But if you violate the agreement by not keeping up with the re-payments then you will lose this protection that you have been given
Some of the other advantages about going Into an IVA rather than going bankrupt is the fact that you personal details are not published in the local newspapers and it is a mostly privet matter how ever there is a public record kept of who has been in an IVA but this gets less exposure than it being actively advertised in the paper
It also protects your line of work in certain professions if you have been made bankrupt you can no longer work in some of the following industries or positions
- Be a director of a company
- Own a company
- Work in the army
- Work as an accountant
- Work as a lawyer
- Work in any kind of financial advice
In order to qualify for an IVA you do have to meet a certain set of criteria a simplified version is listed below
- Have over ?5,000 worth of debt
- Have 3 or more creditors
- A monthly disposable income of ?00 or more
If you would like free iva advice or advice on a debt management plan then you can speak to one of our advisers at Money Dent & Credit Group PLC, simply go to the following website and fill in your details so that our advisers can asses you situation before contacting you, you are under no obligation to make any decisions and it is entirely up to you if you wish to proceed with any plan offered, we aim to give you the best free IVA advice possible to help you make an informed decision
Take action today by visiting: http://www.iva-advice-online.com
Article Author :Ben_Harbour
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Tags: Bankruptcy, debt management, debts, insolvency
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