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<div class="leptop_heading_div"><span class="h2"><span class="yallow"><strong>IVA Vs Bankruptcy </strong></span> </span>
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If you can't resolve your debt problems with options such as, Money Management, Consolidation Loan or Debt Management Plans then there are only 2 other Debt Solutions., they are: <br /><br />
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<img src="/images/tick.gif" border="0" alt="" /> Individual Voluntary Arrangements (IVA) <br />
<img src="/images/tick.gif" border="0" alt="" /> Bankruptcy<br /><br />
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<div class="leptop_heading_div"><span class="h33"><span class="yallow"><strong>What is an Individual Voluntary Arrangement (IVA)?</strong></span> </span>
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An Individual Voluntary Arrangement (IVA) is formal, legally binding agreement between you and your creditors to repay you debt at a rate you can afford over a set period of time. Your Individual Voluntary Arrangement (IVA) will be put together and monitored by an independently Licensed Insolvency Practitioner (IP), <br /><br /> The term of an Individual Voluntary arrangement (IVA) is set (Normally 60 months) and at the end of the IVA any debt that has not been replayed will be written off leaving you totally debt free..If you own a property and the property has adequate equity, you may be asked to release this equity into the IVA<br /><br />
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<div class="leptop_heading_div"><span class="h33"><span class="yallow"><strong>IVA - Pros</strong></span> </span>
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<img src="/images/tick_green.gif" border="0" alt="" /> Your creditors write off some of the debt (normally 75%)<br />
<img src="/images/tick_green.gif" border="0" alt="" /> Interest and charges are frozen, by law<br />
<img src="/images/tick_green.gif" border="0" alt="" /> You don't face the stigma of becoming bankrupt, and you can keep your job if you're in a profession where you're not allowed to be bankrupt.<br /> <br />
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<div class="leptop_heading_div"><span class="h33"><span class="yallow"><strong>IVA - Cons</strong></span> </span>
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<img border="0" width="12" height="12" alt="" src="/images/cross_img.png"/> After a year, you may have to remortgage in order to keep your house and pay off some of your debts.<br />
<img border="0" width="12" height="12" alt="" src="/images/cross_img.png"/> You can't get significant unsecured credit.<br />
<img border="0" width="12" height="12" alt="" src="/images/cross_img.png"/> our credit rating is affected for six years, which means new mortgages will cost more and you might have to put down a larger deposit.<br /> <br />
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<div class="leptop_heading_div"><span class="h33"><span class="yallow"><strong>What is Bankruptcy?</strong></span> </span>
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Bankruptcy is often a better option than an Individual Voluntary Arrangement (VA), although I know that a few people may disagree. If you own a property and have a large amount of debt, with little or no equity then your property will more than likely be safe, if you have no equity then it will be safe.<br /><br />
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<div class="leptop_heading_div"><span class="h33"><span class="yallow"><strong>Bankruptcy - Pros</strong></span> </span>
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<img src="/images/tick_green.gif" border="0" alt="" /> Most of your debts are cleared.<br />
<img src="/images/tick_green.gif" border="0" alt="" /> Your are normally discharge within 12 months.<br />
<img src="/images/tick_green.gif" border="0" alt="" /> You keep assets such as TVs, DVD Players, Etc.<br />
<img src="/images/tick_green.gif" border="0" alt="" /> Payments to the court will last a maximum of 3 years but normally last 12 months.<br /> <br />
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<div class="leptop_heading_div"><span class="h33"><span class="yallow"><strong>Bankruptcy - Cons</strong></span> </span>
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<img border="0" width="12" height="12" alt="" src="/images/cross_img.png"/> You will probably lose your home, if you have equity.<br />
<img border="0" width="12" height="12" alt="" src="/images/cross_img.png"/> You lose a lot of your assets, including cars worth more than £1,500.<br />
<img border="0" width="12" height="12" alt="" src="/images/cross_img.png"/> Your name is published in the local papers and the London Gazette.<br />
<img border="0" width="12" height="12" alt="" src="/images/cross_img.png"/> Your credit rating is badly damaged for six years<br />
<img border="0" width="12" height="12" alt="" src="/images/cross_img.png"/> You cannot be a director of a company or work in certain professions.<br />
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