- Thursday, 19 March 2009Setting up an IVA can help get an individuals finances back to normality relatively quickly, reports Articles Base.
The information resource explains that, after an IVA, there is typically a one-year period during which the
individual voluntary arrangement remains on your credit file.
But it is then removed from your credit history and should have no further impact on your access to further borrowing in the future.
"Not only is an IVA often over more quickly than other debt solutions ... it avoids some of the downsides of bankruptcy," readers are told.
For example, after an IVA homeowners may find that they are able to retain ownership of their property.
Articles Base previously noted that there are numerous other benefits to setting up an IVA.
These include the opportunity to freeze the total amount of debt owed and ensure that creditors cannot change interest rates charged over the duration of the IVA.
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