VGA

If you are struggling with debt an IVA, (Individual Voluntary Arrangement) could be the way forward.

IVAs can be a very good option for those not wishing to declare themselves as bankrupt, however it is important to read everything there is about the process and whether it works for you.

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There are pros and cons to every financial situation and the same goes for an IVA.

The Hangover full It can and has worked for hundreds of people and even celebrities like Neil Morrissey have found themselves applying for one, so you are really not alone.

And to make sure that you are in the know about IVA’s, Iva.net have come up with the pros and cons so you are clued up and in the know about IVA advice.

Pros

1. Allows you to pay back a percentage of your debts over a fixed period of time. Once the IVA is over the remaining debt is cleared.
2. It is a legally binding agreement, therefore charges and interest cannot be added to your debts once the IVA has been agreed, and your creditors cannot change their mind once they have entered an IVA.
3. The monthly payment is fixed and will not change unless your income drastically increases.
4. It is a private agreement so you can continue to work at a professional level, open a regular bank account and have fewer credit restrictions than bankruptcy.
5. An IVA keeps your property safeguarded.

Cons

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1. If your debts are under £15,000 you may not be eligible to take out an IVA. If you fail to keep up with your IVA payments you can still fall into bankruptcy.
2. Monthly repayments are typically around £200 and if you have equity in your home or an endowment policy that is linked to your mortgage, you may be required to release these funds.
3. Generally operate over a longer term than bankruptcy usually around five years long.

If an IVA is something you are considering make sure you are clear about what it entails and visit www.iva.net for all your information and advice.