- Tuesday, 28 April 2009Setting up an IVA can carry "major benefits" for indebted Britons, it has been noted.
Article Street reports that
IVA solutions can be agreed if 75 per cent of more of an individual's creditors approve the planned repayment schedule.
"One of the major benefits of this arrangement is that you do not lose your home as you might if you filed for bankruptcy," the article adds.
The other benefits of setting up an IVA include the fact that the monthly figure which must be repaid is judged according to an individual's affordability.
Article Street suggests that this means essential outgoings - which could include food and new bills - should still be able to be met.
However, the resource recommends the advice of IVA experts for people who are considering setting up an IVA.
IVA solutions from
Money Debt & Credit can reduce the overall amount to be paid back by between 60 and 70 per cent.
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