- Wednesday, 24 June 2009An
individual voluntary arrangement (IVA) was a preferable debt management solution to bankruptcy for a Guardian Money blogger when her husband's business failed.
Writer Ivy A said that a "whacking £500,000 mortgage" and a pile of other debts forced the pair to consider their options when repayments became "unsustainable".
The couple opted for an IVA because they could remain in their home while maintaining their monthly repayments over a five-year period.
"After so much moving, this was infinitely preferable," she stated.
The blogger added that the pair has since opted to take other measures to save money, including renting their spare room out to lodgers and selling her husband's sports car.
Earlier this year, the newspaper stressed the importance of sticking to the terms of an IVA.
If a consumer fails to keep up with their repayments, creditors can apply to make them bankrupt instead.
Those who are uncertain about which solution best meets their needs should seek advice from an independent provider, such as a debt charity.
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