- Thursday, 7 May 2009While setting up an IVA requires some public declaration, it can offer more privacy than bankruptcy, reports the Telegraph.
In a comparison of bankruptcy and the
IVA process, the publication explains that the former typically requires notices to be placed in newspapers.
However, after setting up an IVA, it may be possible to limit the amount of publicity to a single notice on the Insolvency Service website.
Citizens Advice spokesperson Catherine Torazzo tells the news provider: "Insolvency procedures, including IVAs and bankruptcy, are not easy options.
"But they can be useful as a last resort for people who have no prospect of ever repaying their debts."
The Telegraph also points out that an IVA can allow a property to be remortgaged, rather than requiring it to be sold as may be the case with bankruptcy.
IVAs can allow an individual to write off the unaffordable portion of their debt, leaving between 30 and 40 per cent of the full amount to be repaid over a number of years.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
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