- Friday, 8 May 2009Creditors are likely to be happier after an IVA is over than if the individual simply defaulted on their repayments, it has been noted.
Writing for the Mirror, Simon Read explains that
IVA solutions ensure that lenders receive back at least some of what they are owed.
Meanwhile, for the borrower, they mean less must be paid back in order to eliminate debt.
"Interest on your debt is frozen and it's normally possible to negotiate [to repay] only a percentage of the amount you owe," he explains.
Readers are told that
IVA solutions could be right for them if their debts amount to more than £15,000.
At such levels, alternatives like the recently introduced debt relief orders are not available.
The Mirror previously reported the story of 42-year-old Andy Davie after an IVA allowed him to eliminate debts of £67,000 he had run up in the pursuit of a successful greengrocer business.
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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