The things you should know about the iva

If your debt is already putting you into financial crisis or tending to bankruptcy, you can get the best solution from the individual voluntary arrangement. This is a legally binding arrangement to design to save people from their debt. It is a debt management option managed by insolvency practitioners, prepared to save people who are finding it difficult to pay their debt. Being a government supported arrangement, it is highly effective in helping one come out of debt. The good thing here is that the practitioners are not interested to take over your assets just as in the case of total bankruptcy. They will still live your assets in your hand while they assist you in settling the debts.

Points to note about the individual voluntary arrangements

When you declare yourself insolvent, your assets will be taken control of by an insolvency practitioner you involved in the case. But, when you go for individual voluntary arrangements, your assets are intact while you plan out the best way to pay the debts. The only thing is that the bankruptcy practitioner or financial advisor you involve in this will make provide you with professional financial advice. He is going to make sure that you are advised on the best way possible to get the money you need to set yourself free from debt. Depending on the case, your advisor may suggest you sell your assets in order to pay off the debt and regain your financial freedom.

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