An IVA Offers An Alternative To Bankruptcy

If your financial situation has managed to spin completely out of control, you may have to turn to bankruptcy as a way of recovering. This is a painful process, though, since it means putting your financial fate into the hands of the courts and hoping that everything works out for the best. If you want to try to avoid going down that road, but you still need some kind of help to reduce the amount that you owe, you should look into iva individual voluntary arrangements and how they might be able to help you.

The key difference with an IVA is that it is something put together between the creditor, debtor, and a licensed Insolvency Practitioner. Rather than going through the court, then, it is the actual parties involved with the debt who negotiate an agreement which they are all willing to accept. There is no mandate that creditors accept your offer, of course, but it is worth seeing if you can persuade them to make some concessions before you start looking into the more drastic step of declaring yourself to be bankrupt.

When you successfully get an IVA in place, the advantages are many. Since you have a defined agreement about how you are going to be repaying what you owe, your creditors are no longer allowed to contact you about the debt in any way so long as you keep with that agreement. Your creditors will also agree to reduce the amount that you need to pay in total, though they have control over how much of a reduction they are prepared to accept. The typical amount runs between 50 and 60 percent, though some people manage to write off as much as 70 percent of what they owe.

If you are struggling with keeping up with your bills and you are not sure you will ever be able to regain control of things, you should seek advice on Trust Deeds IVA Hero. There is no guarantee that your particular creditors will be willing to come to an agreement, but they typically understand that it is best for everyone to make a deal that results in them getting at least a portion of their money back.

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