Individual Voluntary Arrangement or IVA, was introduced by the Government with the idea of allowing the creditors to recover more money from the debtors than they could have recovered in case of bankruptcy. The debtors need to understand the differences between both IVA and bankruptcy in order to make their choice. Hope, after reading this article on IVA vs Bankruptcy, you would be able to finalize the best insolvency solution from the two options differentiated, here.
The Individual Voluntary Arrangement or IVA is basically an agreement done between you and your creditors, wherein you agree to make contribution on monthly basis to the Insolvency Practitioner appointed by you, who inturn will distribute this amount among your creditors after deducting their charges. This facility is only available for people residing in England, Wales and Northern Ireland. Though, both IVA and Bankruptcy are formal insolvency solutions, they do have certain key differences between them. These key differences can help you to decide which one to choose in order to write off your unsecured debts.
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Thus, one should surely, consider Individual Voluntary Arrangement or IVA as an alternative solution to Bankruptcy.
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