Removes the uncertainty and stress caused by dealing with your creditors.
  Once an order is made, a third party takes control over the administration, decision-making and payment process of the debts
  Debtors normally pay less with bankruptcy than with an IVA.
  Creditors recognise that they must accept less money than is owed.
  Creditors cannot change their minds once the bankruptcy process has started and seldom take little interest in the debt.
  Once discharged, most debts are written off and creditors cannot pursue them. Some debts, such as Student Loans Company debts,
       are not included in bankruptcy. For those debts the bankrupt will continue to owe them even once they have completed their period of
       bankruptcy and have been discharged.

  The debtor assets may be at risk, these assets may be sold and monies paid towards the bankruptcy.
  If the debtor owns equity in a home, this will almost certainly be sold.
  If you own a business is it could be sold and any employees dismissed.
  Bank current accounts can be difficult to obtain.
  If you try to obtain credit of more than £500 (the debtor must disclose his status as an un-discharged bankrupt.
  The debtor must allow all his financial affairs to be scrutinised, and can face criminal charges if irregularities are found.
  Cannot hold certain public offices, such as MP, councillor or magistrate, or practice certain professions, such as solicitor and accountant.
  Names of those made bankrupt are published in the London Gazette and the local press Certain debts cannot be written off: fines, maintenance/child
       support payments, other family court orders, debts to secured creditors, debts from personal injury claims, debts incurred through fraud,
       debt arising from certain other orders of the criminal court.

  Debt Free in 5 Years
  Telephone Calls and Payment Demands Stopped
  Once the IVA is agreed, your creditors by law are no longer allowed to demand payments from you either by telephone or letter.
  Interest and Late Payment Charges Frozen
  After the IVA has been put in place, your creditors cannot add further charges or interest to any of your accounts covered by the agreement by law.
  Single Monthly Payment
  At the beginning of the arrangement, you agree with your creditors what you can afford to pay each month. In some cases, you can pay a one-off lump sum.
  Repaired Credit Rating
  Once you have successfully completed your arrangement, you will be allowed to borrow money and your credit rating will start to improve. You will not be credit
      blacklisted for life.
  Fixed, Legally Binding Agreement
  Once agreed, the IVA is legally binding (see glossary) on all the creditors. You will know exactly where you stand and exactly how long it will be before you are debt free.
  Protection from Court Action
  Once an IVA is in place, your creditors are not allowed to take further legal action against you as long as you stick to the terms of the arrangement.
  A Private Agreement
  If you undertake an IVA, it is a private matter between yourself and your creditors. No publicity in the local papers. However your name can be searched in the insolvency
      register, which is available on the Internet. See: http://www.insolvency.gov.uk/eiir/
  Professional Status Unaffected
  Regardless of your professional position (e.g. doctor, solicitor or accountant) you can carry out an IVA without any adverse effects to your job.

  Possible Release of Home Equity
  If you have any equity in your property or any other significant valuable assets, you may be required to release some or all of this as part of the IVA agreement.
  Minimum Level of Debt
  Normally you will only be able to undertake an IVA if your total unsecured debt is more than £12,000. In addition, you will need to be able to afford a monthly
      payment of at least £180..
  No Unsecured Borrowing During the Arrangement
  While you are in an IVA, you will not be able to use your store or credit cards. These must be cut up. However, it may be possible to change an existing mortgage or take
       a new one while you are in an IVA. However you will be able to use prepaid cards.
  Stick to a regimented regime for 5 years
  Failure to maintain control of your finances and keep up your IVA payments will mean that you may be bankrupted. However you may be able to take payment holidays
       and you may be able to miss payments for extreme circumstances, but this will extend the period of you IVA.
  Damaged Credit Rating
  Your credit rating will not be as badly damaged as if you went bankrupt but you will still be unable to borrow for 5 years. You will also have a period after your IVA where
       it may be hard to get credit. This period varies but should be less than a year.
  Longer than Bankruptcy
  An IVA will last for 5 years compared to bankruptcy, which will last for 3 years.
  You will pay back more than you will in bankruptcy
  In an IVA you will pay back about a significant amount of your debt (e.g. 40%-50%) as opposed to bankruptcy where you will pay back a minimum amount
       (which could be as little as 0).
  You must include all creditors
  All creditors must be included and you cannot make separate arrangements with each one (which can be done in a DMP).
  In an IVA you will pay back about a significant amount of your debt (e.g. 40%-50%) as opposed to bankruptcy where you will pay back a minimum amount
       (which could be as little as 0).
  Professional Status Unaffected
  Regardless of your professional position (e.g. doctor, solicitor or accountant) you can carry out an IVA without any adverse effects to your job.