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The following article was published in our article directory on December 4, 2009.
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The Top 10 Major Rewards Of An IVA

Article Category: Finances

IVA (Individual Voluntary Arrangement) is an choice to insolvency. In this, an pact is reached between the lender and borrower to pay back the debt within five years in intermittent instalments. It is a result proposed by the government itself after the Liqudation Act, 1986.

There are various benefits of Individual Voluntary Arrangements, particularly when compared to insolvency. The top ten benefits are discussed below:

1. There is no constraint on where you work and in what capacity when you opt for an IVA, unlike liqudation, where you are deprived from working in several positions and in armed forces. In an IVA, you can continue in your present line of work even while you pay back your debts. Unless mentioned in the contract, you are usually not liable to tell even your employer about being in an IVA.

2. An IVA deal is a confidential affair between you and the creditor. It does not attract the same publicity as a case of insolvency does. It is not advertised in the newspaper and nobody knows unless you choose to tell them yourself.

3. There is less stigma and shame associated with IVA than with liqudation, which has become a long-standing picture of a failure.

4. You can easily pay off all your debt within five years. You may even pay off your debt earlier than this if you can come up with a lump sum payment. After this period, you are not only debt free but also free to do anything you want. Dissimilar after a liqudation, you are not forbidden from starting a new business after paying off your debts through an IVA, although some creditors may decide to extend credit under a much higher interest rate.

5. It is much cheaper to bargain an IVA, as insolvency proceedings are quite expensive themselves. This is because an IVA is a plain pact while liqudation is quite complex.

6. With an IVA, you generally end up paying less than the original amount. After you have paid up your debt, the creditors can no longer approach you with any demands or conditions. It is advisable not to propose any less than 25% of the original debt value or the IVA may be rejected.

7. You do not have to pay any more interest on the debt above that which has already gathered on before you bargain an IVA.

8. An IVA is improved when it comes to re-establishing your credit ratings than insolvency.

9. You are not bound to sell your house or other property, contrasting with insolvency. Nevertheless, you may want to liquidate some of your assets in order to pay off your debts but that is totally your own decision.

10. The creditors cannot annoy you or demand money by any other means if you are paying them through an IVA and you are rigorously following its terms and rules. Nonetheless, non-payment on your costs may give the creditors the right to demand money in any way they deem right.

Keywords: iva help, iva advice, individual voluntary arrangement, iva advice

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