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Advantages of an IVA

Opting to enter into an IVA can seem preferable to bankruptcy, with more advantages.

  • An IVA lasts for a fixed period, not usually more than five years, at the end of which any outstanding debts included in the arrangement will be written off.
  • Any demands for payment by letter or phone will stop – your creditors are legally unable to contact you once the IVA is agreed.
  • No further charges for late payment or interest can be added to any accounts covered by the IVA.
  • You pay just one single payment each month, agreed with your creditors at the beginning of the IVA
  • You will escape being credit blacklisted. However you do need to be aware that your credit rating will be affected for 6 years, (not just the period of the IVA).
  • You know where you stand – the IVA is legally binding, so your creditors can’t make unexpected changes to the agreement, and they are not allowed to take further legal action against you as long as you keep to the terms of the IVA.
  • You retain your privacy – and your dignity. An IVA is a private matter between you and those you owe money to. There is no requirement for advertising IVA's in the local press.
  • You can still run a bank account, as long as you don’t have an overdraft facility.

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