Are IVA’s a Better Solution than Bankruptcy?

IVA’s are individual voluntary arrangements. The operative word being voluntary, the same cannot be said about bankruptcy as in most cases the financial situation has deteriorated to the point where either you go bankrupt or your assets are going to be seized anyway and you still come out with the bad credit.

Often people think they can just go through a bankruptcy by letting the creditors take everything back and that is the end of it. The debtor then believes they can just go and start all over again with a fresh start. It does not work that way. It has devastating effects for years to come. No one wants to lose all they own and probably have worked very hard for. The best advice any debt advisor can offer and should offer is to avoid bankruptcy in every way possible.

One of the best debt solutions available is IVA’s. Arrangements can be made without having to lose everything you own. It’s much easier to build your credit rating back up once the IVA is complete. It also gives one a personal sense of satisfaction in knowing that you were able to meet your financial obligations and not have to face the stigma attached to a bankruptcy.

IVA’s are a legal and binding document. They are not something you enter into just to get the creditors off your back. Once it has been determined by the debt advisors that IVA’s will work for you then a qualified Insolvency Practitioner will take you through all the steps to help you get your IVA’s in place. Once this has been done you can give a sigh of relief not having to worry about your collectors showing up at your door and taking all that you own which would be the case in bankruptcy.