IVA Rave

Debt unfortunately is a fact of life, especially today when it’s so easy to buy things on credit. Suddenly you find yourself in a hole that you may never be able to climb out of. You have creditors and debt collectors calling your house daily and you’re in fear of foreclosure and repossession. Your online money making ventures aren’t going well enough to pay your way out of debt so the only out you can see for yourself is bankruptcy.

Well hold on a minute, if you live in the UK, there is another way. An IVA, which stands for "Individual Voluntary Arrangement”, is an preferable alternative to bankruptcy.

What IVAs do is form a formal arrangement between you and your creditors to pay a set amount of money towards your debts every monthly usually over three to five years. If all the payments are made at the agreed times, the remainder of your debts are written off by your creditors, sometimes up to 75 %.

Now an IVA is not suitable for everyone. It is usually only worth looking at if you have a lot of money to spare every month to pay your creditors or you have assets that can be included. An IVA has to be set up by an insolvency practitioner (IP). Once an IP has agreed to make an IVA proposal for you, they can apply to the county court for an "Interim Order".

The usual way to find an I.P. is to use an intermediary IVA company. The IVA company will look at your case and, if an IVA looks like a viable option, they would suggest a reputable I.P. company to help you.

One place you can get help with an IVA is at trapped.co.uk. There you can calculate and compare your options. You can find out if an IVA is right for you. While you’re there check out their other debt management options.

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