IVA Articles
Articles and Information on everything related to IVAs
IVA : Debt Help For Professionals.
An IVA forms part of the 1986 Insolvency Act, which is a part of UK legislation.
An IVA allows someone who is heavily burdened with personal unsecured debts an opportunity to propose a new and affordable agreement with their creditors, without the need to declare bankruptcy.
The IVA, therefore, is a suitable solution for a professional person to whom bankruptcy is not an option.
When an IVA has been agreed, the creditors forfeit their right to take legal action against the debtor, they must freeze the interest charges associated with the debts, and any late payment charges on the debts must stop being accrued.
An IVA is a private agreement,which means there are no public notices appearing in the Press, and the debtor's employers are not informed. This is totally the reverse from bankruptcy, where there is a public notification published in the Press, and the debtor's employers are informed.
Therefore, people whose occupations exclude Bankruptcy as an option, have available an IVA option, which removes the threat of a creditor petitioning for their bankruptcy.
For more information on the pros and cons of an IVA click here.
Alternatively call MyIVA-Adviser.com on 0800 088 7503 where our specialist IVA team are waiting to help you. Remember, all calls are free and confidential.
Our aim is to offer ethical advice and help find the most suitable debt solution available for each of our clients.
