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Alternative To Bankruptcy
Avoid Bankruptcy With An IVA
An IVA (Individual Voluntary Arrangement) can help clear your debts without the need to apply for bankruptcy. In an IVA agreement, you cannot be forced to sell you home or other assets such as a car whereas in bankruptcy, your assets are controlled by a magistrate for when your proceedings come to court. In an IVA, a Debt Management company negotiates your debt on your behalf with your creditors.
There is no stigma associated with an IVA unlike bankruptcy. With bankruptcy there is a requirement to advertise in the newspapers and notify your employers and landlord, these actions are not required for an IVA. An IVA does not affect your career, whereas bankruptcy can, especially in certain professions where you can actually lose your licence or job. In an IVA, you can remain or become a company director, whereas bankruptcy can have a wider affect in this area.
An IVA can help write off a large portion of your debt and freeze all interest charges - For more benefits click here
Alternative To Bankruptcy - What Is An IVA?
An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors where you will come to an arrangement to make reduced payments towards the total amount of your debt.
A monthly payment is 'agreed' to pay off a percentage of your debt. Generally after 60 months your debt is classed as settled. Due to its formal nature, an IVA has to be set up by a licensed professional.
IVA's are legally binding and form part of the government Insolvency Act 1986 and have been designed to be an alternative to bankruptcy.
CLICK HERE TO SEE HOW YOU CAN QUALIFY FOR AN IVA - THE BEST ALTERNATIVE TO BANKRUPTCY
To qualify for an IVA you must have a certain level of debt, all application details can be found in the link above. Even if you do not qualify for an IVA there are several other debt solutions that are an alternative to bankruptcy. DebtRealm can advise and offer solutions specific to your circumstances.
We also offer Debt Management Plans and Trust Deeds, again these are generally the better alternative to bankruptcy. Trust Deeds can be applied for instead of Sequestration (Scottish equivalent of bankruptcy).
Do not delay, for immediate help with all your debt problems, no matter how much you owe, contact us now, there are no obligations to proceed with our advice so you have nothing to lose!
DebtRealm
www.debtrealm.co.uk
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