- Tuesday, 17 March 2009Britons looking for an alternative to bankruptcy have been told that they could get an IVA instead.
Financial information resource lovemoney.com advises that setting up an IVA can provide an alternative to declaring bankruptcy.
"If you can't pay your debts then you're 'insolvent'," readers are told.
"You become bankrupt when you are insolvent, but bankruptcy isn't the only formal option available to insolvent people."
Those who get an IVA are also told of a number of benefits to doing so that could prove tempting to those in financial difficulty.
Advantages include the potential for a property to be saved, allowing the family to remain in their own home while repayments are made.
The information provider also notes that interest and charges are typically frozen during the
IVA process.
And with the repayments agreed and fixed from the outset, individuals can gain some peace of mind about the amount they must pay back overall.
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