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Even as the iva debt is known as the best solution to avoid insolvency, it is important to consider some factors before going for it. It is a formal solution for bad debts tending to insolvency but does not cover all kinds of debts. So, you must first consider whether your debts are among the ones to be consolidated into this debt. If you own mortgage arrears, debt on secured loans, rent arrears, debt on a hired purchase, or guarantor loan, you will not find a solution with an individual voluntary arrangement. This debt solution is mainly for unsecured loans debts. Your insolvency practitioner will be able to explain more to you about the debts included before advising you to go for it or not to.
Go for iva to avoid bankruptcy
Bankruptcy is a bad financial situation whereby someone owes debts more than the assets. Not only does bankruptcy affect your present finances, but will also destabilize your future finances due to bad credit score. There are many other reasons why many people work hard to avoid bankruptcy instead; they prefer to go for iva. You are going to regain your respect and peace of mind from creditors the moment you sign for this agreement. Also, you are going to stand a chance of getting out of debt within five years’ time.  Another thing you should know is that you stand a chance of making affordable payment monthly till the completion of the agreed period and the remaining debt forgiven. Click here to know more about #www.iva-advice.co.