Why An Individual Voluntary Arrangement Is A Smarter Way Of Fighting Debt

Debts piling up? Afraid you may have to declare bankruptcy to get away from the burden

? Fortunately, there are healthier alternatives to your sanity and your credit rating. An Individual Voluntary Arrangement, or IVA, has many advantages that can help you get out of debt while also maintaining your reputation and your credibility as a business person. In short, it is a smarter way of fighting debt. Why is it smarter? Because it furnishes to you a number of benefits that protect you from the worst that can happen. Things like:

Keeps control over your home: Do you own a home? Are you worried about what might happen to it if you declare bankruptcy? If so, then you may wish to consider an IVA. An IVA protects your right in certain properties while you work with creditors on an arrangement that is right for your family and your budget. An IVA is a proactive step out of debt, and you can take that step without fear that the roof overhead will be gone tomorrow.

Binds unsecure creditors to the arrangement: The IVA is an arrangement made between you and your creditors. The great thing about IVAs are that they bind creditors to the agreed-upon arrangement between you and the consensus. That means if there are some unsecure creditors who failed to offer their input to the arrangement, they are still bound to it whether they like it or not. An IVA really suits you in this regard because it keeps dialog open between you and your creditors, allowing you input in a repayment schedule.

Carries with it a healthier stigma than bankruptcy: The very word "bankruptcy" implies "rupture." Not a very nice word when referring to your finances. There is a reason the term sounds so dark. It is. Once you have declared bankruptcy, it can take quite some time before anyone will ever wish to do business with you again. Rebuilding your credit rating is completely unnecessary with IVAs, as they are viewed by most as a healthier alternative.

Shows a willingness to work with creditors in meeting debts: Wanting to work with your creditors shows proactivity on your part that can help you to quickly restore any damage that may occur to your credit rating. It's also basic knowledge that if you show a willingness to restore financial relationships, it's easier to bounce back from any hardship.

Leaves you with the ability to trade: If you are on a board of directors and you submit to an IVA, it will not impair your ability to deal with others like bankruptcy will.

Keep your financial name in good standing. Show others you want to work with them and take advantage of the many benefits to an IVA. Your future could look a whole lot brighter as a result!

by: Gen Wright

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