- Wednesday, 13 May 2009Individuals wondering whether they should get an IVA may be interested to hear that the conditions of such deals have been deemed suitable for some people.
Neil Faulkner writes for financial news provider lovemoney.com of the people for whom IVA conditions could be suitable.
He suggests that professionals are among those people, as those who get an IVA can help to protect their future careers.
Meanwhile, IVA conditions are also said to potentially suit homeowners as an alternative to bankruptcy.
Under the terms of an IVA, ownership of a property may be retained, with only a portion of the equity released in order to repay debts.
IVAs typically determine repayments based on what the individual can afford - allowing for essential outgoings such as food.
After this, a portion of the debt - potentially up to 60 or 70 per cent - is written off, reducing the overall amount which must be repaid.
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