Already on ArticleSlash?

Forgot your password? Sign Up

Stop Bankruptcy Alternative to Filing Bankruptcy With the IVA Debt Solution

 


Visitors: 372

When you're receiving threatening letters from creditors and bailiffs it is a easy to feel trapped and that there is no way out, but there is a solution you have a much better opportunity of solving your financial difficulty when you take out an IVA.

An IVA is a formal agreement between you and your creditors carried out by an insolvency practitioner. It can protect your assets from being sized and legally requires your creditors to longer contact you directly during the course of the IVA as they have to deal with the IP

The IP (insolvency practitioner) lays out the monthly payments that you will need to make based on what you can afford.

Whilst you keep to the agreement (keeping up the monthly payments) you are protected by the IVA and your creditors are not allowed to make you bankrupt or ask you for any more money. Interest is also frozen.

Also an IVA does not affect your carrier; if you went bankrupt there are careers that you're no longer aloud to do some of these include, accountancy, lawyers, and armed forces.

You can usually qualify to get an IVA if you

  • Have £15,000 worth of debt
  • Have 3 or more creditors
  • Have a disposable income of at least £300 a month
  • Have full time employment or proof of other income

If you don't have £15,000 worth of debt but you are still struggling there are other solutions that could help you other than an IVA. A debt management plan works in a slightly different way for example

A debt management plan is an informal arrangement between you and your creditors conducted by a 3rd party, a company will let you sign a letter of authority which allows them to negotiate on your behalf they will try and arrange with creditors to freeze interest and extend re-payment terms to get you out goings down to a manageable level.

Here are just two options out of many, I would recommend getting professional advice about your situation before making any kind of decision about what root may be best for you. As every ones circumstances are different

If you would like free iva advice or advice on a debt management plan then you can speak to one of our advisers at Money Dent & Credit Group PLC, simply go to the following website and fill in your details so that our advisers can asses you situation before contacting you, you are under no obligation to make any decisions and it is entirely up to you if you wish to proceed with any plan offered, we aim to give you the best free IVA advice possible to help you make an informed decision

Take action today by visiting: http://www.iva-advice-online.com

(490)

Article Source:


 
Rate this Article: 
 
Filing Bankruptcy - Why You Should Avoid Filing Bankruptcy?
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Steps In Filing Bankruptcy - Bankruptcy Process Made Clear

by: James Arther (May 27, 2008) 
(Finance/Bankruptcy)

Filing For Bankruptcy Made More Complicated Under the New Bankruptcy Laws

by: Apurva Shree (July 14, 2008) 
(Finance/Bankruptcy)

Filing Bankruptcy to Stop Foreclosure - Should You Consider This Option?

by: Louis Zhang (August 13, 2008) 
(Real Estate/Foreclosures)

The Advantages of Bankruptcy and Disadvantages of Filing Bankruptcy

by: Alejandro Padua (February 06, 2012) 
(Legal/Real Estate Law)

Filing Bankruptcy Go it Alone Or Hire a Bankruptcy Lawyer?

by: Charles Perez (July 12, 2008) 
(Finance/Bankruptcy Personal)

Debt Consolidation Help - What You should Consider Prior to Filing Bankruptcy

by: Ian Wilkie (August 06, 2007) 
(Finance/Debt Consolidation)

Filing Bankruptcy on the Sheriff Sale Date to Stop Foreclosure

by: Nick Adama (July 14, 2008) 
(Finance/Bankruptcy Personal)

Bankruptcy Questions - What to Know Before Filing For Bankruptcy

by: Benjamin Robert Ehinger (June 01, 2008) 
(Finance/Bankruptcy)

Texas Bankruptcy - Viable Options To Avoid Bankruptcy, Debt Settlement & Debt ..

by: Tom Bates (February 03, 2008) 
(Finance/Bankruptcy)

Filing Bankruptcy - Why You Should Avoid Filing Bankruptcy?

by: Benjamin Robert Ehinger (June 15, 2008) 
(Finance/Bankruptcy)