subject: Creditors flouting rules to contact those who have declared bankruptcy [print this page] Sometimes an IVA (Individual Voluntary Agreement) can prove to be a much more feasible option than declaring bankruptcy. An IVA allows you to enter into an agreement with your creditors such that the interest on debt is frozen and your monthly repayment amount is reworked according to your present financial condition for a period of time, which is usually five years. At the end of the period, the remaining debt is written off. Also an IVA is legally binding and so as long as you honour the terms and conditions, your creditors can not take any action against you. Besides, a licensed insolvency practitioner oversees the entire proceedings and so you don't have to face any unnecessary harassment at the hands of your creditors.
Creditors flouting rules to contact those who have declared bankruptcy
