|
|
|
|
|
|
|
|
Individual Voluntary Arrangements- A New Alternative to Bankruptcy
This May, the Department of Trade and Industry in the UK found that there were 10,091 bankruptcies in the first quarter of 2005. This represents an increase of 24.5% on the corresponding quarter of last year.
Bankruptcy can leave an individual feeling ashamed, depressed and out of control. Furthermore, for many the stigma of bankruptcy can be too much to bear.
However, there may be an alternative to going bankrupt which can also help people in serious debt to make a fresh start.
The Insolvency Act of 1986 introduced The Individual Voluntary Arrangement (also known as an IVA) as an alternative to bankruptcy.
The idea behind the introduction of the Individual Voluntary Arrangement was to enable people facing financial difficulties to come to a formal agreement with their creditors rather than having to face bankruptcy. If an IVA is agreed between the debtor and creditor:
- Interest on the loan is frozen
- Legal proceedings are stopped
- The overall debt is reduced
An Individual Voluntary Arrangement is generally seen as a more favorable option than bankruptcy from both the debtor's and creditor's perspective. This is because there are no fees or legal proceeding involved with an IVA, unlike with bankruptcy. Furthermore, from the creditor's point of view, an Individual Voluntary Arrangement offers a greater repayment of the debt than would otherwise be achieved if the debtor were made bankrupt.
IVAs represent an exciting new opportunity to those facing serious debt to both avoid bankruptcy and to make a fresh start.
Mike Curry is the head of Clear Start- a free national support service for those facing serious debt. Clear Start offers independent advice on debt management and individual voluntary arrangements. For more information please visit Clear Start.org
Powered by Feedzilla
Websites For Sale Can a debt consolidation loan eliminate your credit card debt?... Read More Do you, like millions of other Americans, feel like you're... Read More Let's look at a real world example: A woman purchased... Read More In today's consumer society it is all too easy to... Read More Next to winning the lottery, a debt consolidation loan is... Read More If you're reading this article right now I'm sure that... Read More Debt Management plans offer credit counseling clients a different and... Read More FTC opinion letter on validation Section 809(a) of the FDCPA,... Read More No, that's not a misprint. Even though falling interest rates... Read More Having trouble paying your bills? Getting dunning notices from creditors?... Read More Do you have stacks of unpaid bills?Are you in debt?Are... Read More Consumer Borrowing Consumer borrowing in the UK has now crashed... Read More Your FICO score or credit score as it's commonly called... Read More Bankruptcy and Credit - What Happens After Your Debts Are... Read More So you feel like a hamster spinning your wheel? The... Read More Bankruptcy is little more than a smack on the hand... Read More I'm sure you'll agree that budgeting, saving money, and eliminating... Read More Bankruptcy is one of the most difficult things a person... Read More Can you stop debt collectors ? . . .You better... Read More Last April, Congress passed the Bankruptcy Abuse and Consumer Protection... Read More A Debt Checklist allows you to look at items and... Read More With medical collections costing doctors millions upon millions of dollars... Read More Do you want to reduce your debt? Having trouble paying... Read More If you're thinking about an IVA, it is essential to... Read More Should you be unfortunate enough to face a CCJ ?... Read More
Master Resell Rights Ebooks
Eliminate Your Credit Card Debt, But How?
Drowning in Debt? Tips and Tricks for Getting Out of Hot Water with Creditors
Credit Card Debt & the Unfairness of the Universal Default Clause
How to Become Debt Free
Eight Ways to Consolidate Debt
Debt Elimination
Debt Management - Is It the Right Choice For You?
Debt Collectors; And what you can do to Get Them Out of your Life
Whatever You Do....Dont Save Money!
Worried About Debts?
Personal Bankruptcy: Last Option To Legally Stop Bill Collectors
The Effects of Consumer Debt
What Is A FICO Score?
Life After Bankruptcy
Mr. Cheapies Frugal Budget Tips
Bankruptcy Abuse
Getting Past The Idea Of Budgeting & Saving Money
Taking The Plunge Into Bankruptcy
Stop Debt Collectors
New Bankruptcy Law ? Five Essential Things to Know
Use A Debt Checklist To Examine Where You Are
How To Avoid Medical Collections
Reduce Your Debt
IVA Information
Bouncing Back from a CCJ
Cheapest domains
Web SEO Services
Bankruptcy: What You Need to Know
Personal bankruptcy is a legal way to give people with... Read More
Bankruptcy Reform
There are some new bankruptcy laws going into effect before... Read More
The Credit Card Debt Termination Scam
"Legally terminate credit card debt! You can be debt-free in... Read More
Your Secret Weapon... A Budget
For many, the word 'budget' immediately sends shivers down the... Read More
Different Ways Of Dealing With Debt
Bills, creditors, debt collectors. Are you yearning for the days... Read More
IVA Advice
An IVA (individual voluntary arrangement) is an alternative to bankruptcy... Read More
Craving For Financial Freedom
Have you ever felt trapped in a Rat Race and... Read More
Deal with All Your Debts with Care!
Lots of people take a large ammount of loans and... Read More
Solutions to Single Mothers in Debt
As a single mother, lets admit it, times get tough.... Read More
The First Step To Getting Out Of Debt: Make The Commitment!
These days, getting into debt is easy.Unfortunately, getting out of... Read More
New Bankruptcy Law ? Where?s the Consumer Protection?
On April 20, 2005, President Bush signed into law the... Read More
Reduce Your Debt
Do you want to reduce your debt? Having trouble paying... Read More
Bankruptcy - Is It The Right Choice For You?
Bankruptcy is one of the tougher choices we as adults... Read More
Debt Validation: Do you have to pay ?
It happens all the time. Debt collectors try to collect... Read More
New Bankruptcy Law ? Five Essential Things to Know
Last April, Congress passed the Bankruptcy Abuse and Consumer Protection... Read More
IVA: Individual Voluntary Arrangement
What Is an IVAThe IVA (Individual Voluntary Arrangement) was introduced... Read More
Taking The Plunge Into Bankruptcy
Bankruptcy is one of the most difficult things a person... Read More
Repair Bad Credit Yourself
In March 2005, the U.S. financial services industry succeeded in... Read More
How to Negotiate Debt Settlements
Knowing how to negotiate debt settlements is the key to... Read More
Debt: Dont Pay Your Minimum Balance
Almost all Americans carry credit card debt. Actually, over 40%... Read More
Get Debt Free
If you once have been caught in the debt trap,... Read More
What Does A Bankruptcy Trustee Do?
Once you file bankruptcy a court appointed bankruptcy trustee will... Read More
Future Secured? Oh Really?
A headline for a retirement annuities flyer declares "Future Secured!"... Read More
The Human Side - Debt Stress
In all the technical discussion you hear about credit... Read More
Currency Trading Fee Concept
Troubles with Global Economy; Do you see future problems with... Read More
Debt Relief |