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IVA Or Bankruptcy – Which Debt Solution Is Best For Me

Debt Management Solution

by jackpeter
debt management plans

You may be thinking of asking for an Individual Voluntary Arrangement (IVA) or declaring bankruptcy if you are completely overwhelmed by debt and need a way out so that you may resume living your life.

Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement (IVA) is a legal insolvency agreement between you and your creditors. It is a way of repaying your debts over a set period of time, usually 5 years, and can be an alternative to bankruptcy. Under an IVA, you make monthly payments to a licensed insolvency practitioner (IP), who then distributes the money to your creditors. This can help you to keep your head above water financially and avoid the potentially harsh consequences of bankruptcy. There are certain criteria you must meet in order to be eligible for an IVA, and it’s important to get professional advice to see if this is the right solution for you.

IVA Advice

Bankruptcy

Bankruptcy is a legal process that helps people get out of debt. It is a way for people who cannot pay their debts to get a fresh start. When a person files for bankruptcy, their debts are wiped out. This gives them a chance to start over and rebuild their finances. A scenario that is extremely stressful for clients is ended through bankruptcy. The tension can be reduced by filing for bankruptcy since it will put an end to court cases, high court enforcement actions (commonly known as bailiffs), and other similar procedures.

debt management help

Both debt management plans are best on their side. Need help choosing between debt management plan options? Contact Acme Credit Consultants Ltd. Our advisers are well-versed in both the IVA and bankruptcy processes and will use your financial facts to help you find the best debt solution for you. Call our team at 07779648018 to set up a consultation right away.

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