The article is actually from a year ago and my fear is that it's too late for a lot of people...they are paying just too much for their IVA. It goes on to say:
Seek advice before you decide how to tackle your debt. Citizens Advice, the Consumer Credit Counseling Service and National Debtline will all be able to help you through the forest.
This is key. There are a lot of companies in the market looking to take advantage so get as much advice and knowledge as you can before you make any decisions.
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( 3 / 307 )Happy New Year and welcome to the IVA.net blog!
It's the first day back from the holidays and New Years resolutions are on the mind. My resolution is to update this blog regularly. I think I can do it because updating a blog is easier than exercising!
This blog's purpose is to keep you updated on any interesting IVA news, stories, resources, websites etc. I'm not exactly sure how it will go actually. We'll have to see.
I assume you know what an IVA is. If not you can go to our What is an IVA? page for more information.
If you'd rather stay here with me then I can explain the basics for you.
An IVA stands for Individual Voluntary Arrangement. They are only available to UK residents excluding Scotland. Scotland has a similar thing called a Protected Trust Deed (PTD) but we'll chat about that another day.
IVAs are essentially bankruptcy alternatives. They are government approved methods of allowing you to resolve your debts. One of the best things about an IVA is it allows you to write off up to 75% per cent of your debt.
Another really good thing is that it allows you to avoid some of the consequences of bankruptcy. IVAs aren't easy but they're a great option if you're serious about getting out of a debt.
I'll go over more of the basics in my next post but take a look at the website if you need some more information in the meantime. Talk to you soon.
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