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What is an Individual Voluntary Arrangement? An Individual Voluntary Arrangement is an alternative to bankruptcy for people who are struggling with debt. If you can get one, then your overall debt will be reduced and the interest on those debts will stop accumulating. Is an Individual Voluntary Arrangement suitable for me. If you have unsecured debts of over fifteen thousand pounds, then the answer is yes. However, if you have a lower level of unsecured debt, other procedures, such as Court Repayment Orders, may be more cost effective. Is it like going bankrupt? No. If you are declared bankrupt, you lose control of your assets and face several business and professional restrictions during the period of your bankruptcy. However, this does not happen with an IVA. Will it be publicised? Unlike bankruptcies, which are advertised publicly, Individual Voluntary Arrangements can be kept a secret between you, your insolvency practitioner, and your creditors. What can be included in an IVA? You can reach an Individual Voluntary Arrangement with banks, finance companies, credit card companies, Customs and Excise for VAT, the Inland Revenue, and personal loans. However, mortgages, hire purchases, student loans, fines, debts incurred through fraud, and child support arrears cannot be included in an IVA. How long does an IVA last? An IVA typically lasts around five years, although the length of time that an IVA lasts depends on the amount of money owed and your personal circumstances. Can creditors turn down my IVA proposal? Yes. In order to enter into an Individual Voluntary Arrangement, your creditors have to agree to your proposal at a meeting. If your proposal is rejected, then you may be petitioned for bankruptcy if an alternative agreement cannot be reached. Will an IVA stop creditors from taking recovery action against me? Before an IVA is approved, you can obtain an interim order from the court to prevent any further action being taken against you. After it is approved, you will never hear from them again, and you will be answerable only to the insolvency practitioner that is handling your IVA.
Article Source: http://www.casinoarticlessite.com
Dian Combass has recently been looking into services that provide debt consolidation and has taken advice about bankruptcy from Baines and Ernst.
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