IVA – Are they taking over the UK?
IVAs Taking Over The UK?
The IVA arrangement appears to have been taking over the UK one debt at a time and there is not much we can do to stop it! As the UK gradually gets into more and more debt, the demand for solutions to the major problem that it has become are being introduced and the IVA arrangement is one of them.
An IVA arrangement is an alternative to bankruptcy, at least for those individuals that it suits. It is not for everyone, especially if you cannot afford to keep up with any repayments at all, but it can save those that have not quite reached that stage from crossing the bankruptcy line.
In a recent year, 46,000 had IVA agreement proposals accepted and put into force. Although 62,000 also declared bankruptcy in the same period, the numbers are definitely becoming far closer because the IVA agreement seems to have become a more popular option.
Despite that, not everyone knows what an IVA agreement is or how it can help him or her, which may be why so many individuals choose bankruptcy instead.
It is essential that any individual looking to get out of debt take debt advice in advance because an expert (which we are not) will make sure that you are fully aware of all of the options before making a critical decision that can and will affect your future. An experienced financial or debt specialist will be able to give you all of the information that you need about the IVA agreement and any other options that may be available to you.
If you do become one of the many thousands of individuals that take out an IVA agreement this year then you will have a fixed amount to pay back to all of your creditors, varying from creditor to creditor but all linked together so that you only have one monthly payment to make. You will be bound to the IVA agreement usually between three and five years. You should be prepared for all of this in advance so that you can make the most of your IVA agreement and use it as an opportunity to get and stay debt free for good.