Five Simple Advantages of IVAs

If you’re confused by debt solution jargon, here are five simple reasons why people struggling to repay debt in the UK might choose an IVA. Firstly, they are a legal agreement that you’ll only pay regular fixed amounts in a negotiated, orderly plan. Secondly, IVAs stop phone calls and letters demanding repayment, fresh court action and all interest/repayment charges.

Thirdly, there’s no announcement in the local papers as happens in bankruptcy. Instead, you appear in an online Insolvency Register but it is arguably not well known by the public, hence you retain more privacy. Next, if your agreement is properly arranged and managed, any remaining debt is written off at the end. Finally then, you can start rehabilitating your credit score. You will need good debt advice here – you need to know it’s the right option and negotiate repayments you can afford right throughout the 5 years or more it will last.

Take time to learn about debtors rights. Learn your rights and check your Debt Options so that you can protect yourself in the future.