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Can I consider an IVA?
Do you have a minimum level of £15,000 of unsecured debt owed to at least 3 creditors? Are you looking for a bankruptcy alternative? Would you be able to contribute a minimum £200 per month for a period of 5 years to deal with your debts? If yes, an IVA could be the ideal debt solution for you. But keep in mind that proposal and implementation of an IVA is a time consuming process and it could turn out to be an expensive proposition for you too. But it’s worth considering an IVA because it avoids the pitfalls of bankruptcy – negative publicity, loss of home and assets etc. However if you fail to comply with the terms of your IVA, (i.e. make all the monthly payments) then your Insolvency Practitioner, acting as Supervisor, may be obliged to petition for your bankruptcy. It’s best to seek IVA advice to find out whether an IVA is the best solution for your needs.
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