Until very recently when people were overwhelmed by debt, bankruptcy was the only solution. However, the introduction of the individual voluntary arrangement (IVA) by the government has created a new alternative to bankruptcy which is beneficial for both the debtor and the creditor
An IVA is a formal, legally binding agreement between a debtor and his creditor. It is designed to free you from the burden of debt in five years or less. An IVA does not publicize your insolvency like bankruptcy. It was introduced with the intention to ease the debt burden of borrowers. It is also serves as an alternative to bankruptcy.If you are troubled with debts, you can visit http://www.ivainformation.net. This portal will help you find a suitable solution to all your debt problems.
An Individual Voluntary Arrangement is generally seen as a more favorable option than bankruptcy from both the debtor’s and creditor’s perspective.This is because there are no fees or legal proceeding involved with an IVA, unlike with bankruptcy. Furthermore, from the creditor’s point of view, an Individual Voluntary Arrangement offers a greater repayment of the debt than would otherwise be achieved if the debtor were made bankrupt.
http://www.ivainformation.net/
