IVA Advantages

You only pay back a percentage of your debts. If you follow the agreed terms, you will be debt free in 5 years time.

Up to 75% of your debt may be written off.

Advantages This is a legally binding solution so no further interest or charges can be added to the debt. Enforced by law creditors can’t change their mind once they’ve agreed.

You also get protection against possible court action.

Advantages Agreed monthly payment plans will remain fixed unless your income level dramatically increases.

Advantages It is a private agreement – only you, your advisor and your creditors need know about it. There is no publicity in the local papers, as is the case for bankruptcy.

Advantages You can continue to practise as a professional person (i.e. accountant, solicitor, doctor etc) or as a director of a company and can hold public office, as an IVA does not affect your professional status.

Advantages You can open a regular bank account, without an overdraft facility and have no/fewer credit restrictions than if you go bankrupt.

Advantages You can safeguard your property, as the proposals can be made flexible to suit personal circumstances.