IVA Advantages

An IVA is a legal procedure, and the decision to enter into one should not be taken lightly. One Advice believe in advising our clients on any advantages or disadvantages that may arise during the term of your IVA, so you are fully aware of the full IVA process.

Please talk to our expert IVA advisors on 0800 048 1752 for IVA advice and further information about the IVA advantages. Alternatively please fill in our Quick Enquiry form and we will call you back.

Advantages of an IVA:

There are a number of IVA advantages which you could benefit from, including:

• An IVA can write off unsecured debts that you cannot afford.
  This means that as part of the agreement a proportion of your debt will be written off.
• Interest or charges stopped.
• A single low affordable monthly payment is agreed.
• By reducing your monthly outgoings any pressure that you are under from your secured creditors may be alleviated.
• After 60 months you will be debt free.
• You will not have to sell any major assets.
  With bankruptcy any assets will be sold to repay your creditors, this may include your house
• There is less of a stigma attached, in comparison to bankruptcy.
  An IVA is a private agreement between you and your creditors.
  Details of your bankruptcy agreement will be published in your local paper along with your address and occupation.
• An IVA should not hinder your future career prospects.
• An IVA is legally binding, so your creditors cannot pursue you once the IVA has been accepted.
• You can still keep your current account (although not an overdraft facility), and have a better chance of getting credit once the IVA is over.
• Only 75% of your creditors, in terms of debt value, need to agree to your IVA. If this happens, then those who disagree will be automatically bound by the IVA.