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classalignleft sizefull wpimage766 titleIVAUK
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altAn IVA is an better approach to deal with debt than going
bankrupt width400 height300 aIVA UKh1The Individual Voluntary
Arrangement is the UKs solution for helping people with serious
debts avoid bankruptcy. You need to be in work and have enough
surplus income after your basic living expenses to pay back at
least 25 of your debts over a 5 year period. It should be noted
that many creditors are now looking for higher returns from these
arrangements, so 40 may be a more realistic figure. However, this
is still a much better alternative to becoming bankrupt.Although
relative unknown, this option has become the main tool for handling
serious debt problems in the UK. Almost 80 of all insolvencies in
the UK last year used IVAs and this trend shows signs of
increasing. Recently a new option called the Debt Relief Order DRO
has also been introduced. This is a 12 month arrangement for people
with smaller debts that they are unlikely to be able to repay.
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