IVA Debt Management
Individual Voluntary Arrangements (IVA) were introduced in 1986 and have recently become the latest big news story in the national media regarding personal financial issues.
The number in use has been growing steadily during the last twelve months, raising on average over 25% per quarter. This is due to the rise in consumer debt, bankruptcies and the recent changes in bankruptcy law.
IVA's are an alternative to bankruptcy.
An IVA sets out how the debtor is going to repay the creditors, usually over a period of five years.
An insolvency practitioner (IP) acts as the intermediary between the two parties.
What is an IVA?
A debt management plan is an informal arrangement to organise your debts.
It is a way to help manage your financial situation.
Only you can answer whether or not it is the right choice for you. Within this web site you will find lots of information on debt management including the advantages and disadvantages.
It is imperative that you dont allow your debts to spiral any further out of control. If you are feeling the pressure as many of us here know, we strongly suggest that you get advice from an expert or review the facts, financial problems and get out of debt papers.
What is the first step to financial freedom?