Are You Looking For An Alternative to Bankruptcy An IVA May Be The Answer - Says Clear Startorg
Released on = March 29, 2006, 3:54 am
Press Release Author = Clear Start.org
Industry = Financial
Press Release Summary = Despite the stigmas and disqualifications associated with it, bankruptcy can seem like the only option for many. Indeed, in 2005 alone, over 47,000 people filed for bankruptcy as a result of debt that they could not re-pay. However, there is an alternative to bankruptcy which does not have any of its disadvantages.
Press Release Body = Despite the stigmas and disqualifications associated with it, bankruptcy can seem like the only option for many. Indeed, in 2005 alone, over 47,000 people filed for bankruptcy as a result of debt that they could not re-pay.
However, there is an alternative to bankruptcy which does not have any of its disadvantages. This bankruptcy alternative is called an IVA and it is becoming an increasingly popular way of dealing with debt.
Clear Start.org is the UK's Consumer Debt Service offering advice and support to people in serious debt. Clear Start specialises in helping people set up IVAs to enable them to find an alternative to bankruptcy.
As Clear Start explains:
"An IVA is a legitimate alternative to bankruptcy because it was introduced by the government and is a formal arrangement between a debtor and creditor.
If an IVA is accepted by a debtor's creditors, he/she will be able to make monthly debt re-payments based on what is actually affordable. This amount can be as low as £200 a month."
An IVA is a good alternative to bankruptcy for people with multiple creditors, debts over £15,000 and who can afford to re-pay at least £200 a month.
With an IVA it is not uncommon for 80% off a debt to be written off completely.
Clear Start.org offers a free IVA advice service. If you would like to speak to one of Clear Start's independent advisors please call 0800 138 5445.
Web Site = http://www.clearstart.org/avoid-bankruptcy.php
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