Four Good Reasons Why You Could Make An IVA Application Over 44,000 people in the UK made an IVA application last year, meaning that the popularity of the option is catching up with bankruptcy fast, which 63,000 decided upon.

There are many good reasons behind the fact that more and more individuals are choosing to put in an IVA application and four of them are outlined below:

1. Submitting an IVA application could actually cut your debts in half. If 75% of your creditors accept your proposal then all you have to do is keep up repayments for the term of the IVA to ensure that they are gone in three to five years!
2. You can manage your repayments easily and plan your financial future with an IVA application because it is one set amount every month for the duration of the agreement. There are no hidden charges or fees either. It is just the one amount for the duration of the IVA.
3. An IVA application will not jeopardise your chances of getting a great job. Whereas bankruptcy may render you unemployable, an IVA does not so you can get on with life without fear of the immediate and mid-term future.
4. You will not lose your home as a result of making an IVA application. If you filed for bankruptcy then you would more than likely be forced to sell your home because it would be considered an asset. You can safeguard your property with an IVA.

Of course, the list of reasons why more people are putting in an IVA application is not limited to the above, but they are a great starting point for those individuals that do want to look further into the issue. A little more research should tell you everything you need to know to make an informed decision.