IVA Advantages
An Individual Voluntary Arrangement brings a significant number of advantages over other debt consolidation solutions and bankruptcy. These include:
- An IVA results in you having one lower monthly payment rather than a number of them.
- The opportunity to write off a substantial part of your debt.
- The monthly amount you pay is calculated on what you can afford to pay i.e. depending on your income and outgoings.
- Interest and charges on your debt will be frozen so your debt cannot increase during the period of the IVA.
- With an IVA you can safeguard against losing assets such as your property.
- The IVA is legally binding so your creditors cannot change the terms of the agreement and are not allowed to contact you directly during the IVA period.
- There are no hidden fees with an IVA.
- Unlike bankruptcy an IVA is not advertised.
- A very simple IVA could be completed in 6 months and can last for up to five years.
- You can continue to run your own business and continue as a company director when you enter into an IVA.