What is an IVA?
An IVA is designed to solve problems for people who are struggling with debt. If someone is struggling with their debt, then they need to get the help of an IVA company. The IVA company will work with the debtor to create a plan that will allow them to pay off their debts in a way that they can afford.
An IVA is not bankruptcy because it does not have the same effect on future credit ratings. You can still own things like your home or car even if you have an IVA. Additionally, businesses are not affected by an individual voluntary arrangement
The Benefits of IVA
The first way to look at the benefits of IVA is through the lens of productivity. An IVA can help you increase your ability to focus on the work that needs attention. This is by removing tasks that are not essential. Another benefit is that an IVA can help you become more efficient, by allowing you to complete tasks more quickly.
An IVA also has many benefits in terms of quality and efficiency in general. It helps to increase quality because it has a high level of accuracy for most data entry tasks, and it also helps to reduce costs because it does not require any additional human resources.
IVA vs Bankruptcy
An Individual Voluntary Arrangement (IVA) is a formal agreement reached with your creditors. The arrangement must be approved by 75% of your creditors. It is intended to make it easier for you to pay off your debts over time through regular payments, but it can also help you avoid bankruptcy.
Why Choose an Individual Voluntary Arrangement instead of Bankruptcy?
Voluntary arrangements can be a great option to reduce your debt. They are also the only way to get rid of your debts without getting any negative consequences, like bankruptcy. IVAs are not that hard to set up, and they can provide you with some good benefits that bankruptcy cannot offer.
Some of the benefits include: IVA allows for you to keep your assets (you can keep your home and car), it provides for a longer repayment period (up to 12 years), and it offers better clarity in terms of what you owe