Feed: IVA UK, An Option To Avoid Bankruptcy - AggScore: 18.1

IVA UK, An Option To Avoid Bankruptcy

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h1a relattachment wpatt766 hrefhttpbestbankruptcyoptions.co.ukattachmentid766img classalignleft sizefull wpimage766 titleIVAUK srchttpbestbankruptcyoptions.co.ukwpcontentuploads201102IVAUK.jpg 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.

Insolvency practitioners directory

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A directory of practitioners who can help with individual and business debt problems in the UK