Who Can IVA Solutions Help?

Who Can IVA Solutions Help?

Who Can IVA Solutions Help?

Money problems can affect people from all walks of life at any time through a variety of unexpected circumstances. When these problems come along, they need to be dealt with as quickly as possible before they escalate completely out of control. One way of managing your debts is by using IVA solutions to come up with a much more affordable monthly payment plan to your creditors. Before you make a decision on anything you should look into the different possible methods to see what is best suited to you. We have given a brief outline below of who an Individual Voluntary Arrangement is most suitable for.

The main benefit of choosing one of these arrangements is that it is an alternative to bankruptcy. This means that if you are a homeowner then you will not be putting your house at risk by declaring yourself bankrupt. An informal arrangement could be attempted to be set up but these will not always be accepted by your creditors or you may possibly have so many creditors that an informal agreement is not practical so in these cases an IVA is much better. Bankruptcy could also cause problems for you employment wise, if you have your own business then it would be difficult to continue with it after declaring yourself bankrupt. Similarly, there are some careers which can result in you losing your job if you go bankrupt so a different solution is definitely needed. By making the decision to use a voluntary arrangement to resolve your debt problems, you will not have to have the same restrictions placed upon you as you otherwise would with bankruptcy. Your friends, family or business associates do not need to be find out about the arrangement as the information is not made public knowledge.

IVA solutions are not necessarily available for all so you should make sure that you meet the eligibility criteria. This is usually set out as a minimum level of debt of 15,000, the money has usually got to be owed to at least three separate creditors, you have got to have a regular monthly income that is not made up completely of benefits and you have also got to be able to show you have accounted to leave enough for your necessary living costs. If you meet all of the above points then using one of these agreements can be a good way of alleviating your money problems.

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