Individual Voluntary Arrangement- The New Solution To Debt Problems

Released on = July 1, 2005, 4:27 am

Press Release Author = http://www.individual-voluntary-arrangement.org

Industry = Financial

Press Release Summary = In the past when people were overwhelmed by debt, bankruptcy was the only solution. However, the introduction of individual voluntary
arrangements has created a new alternative to bankruptcy which is beneficial for
both the debtor and the creditor.

Press Release Body = This May, the Department of Trade and Industry found that there were 10,091 bankruptcies in the first quarter of 2005. This represents an increase of 24.5% on the corresponding quarter of last year.

Bankruptcy can leave an individual feeling ashamed, depressed and out of control.
Furthermore, for many the stigma of bankruptcy can be too much to bear.

However, there may be an alternative to going bankrupt which can also help people in
serious debt to make a fresh start.

The Insolvency Act of 1986 introduced The Individual Voluntary Arrangement (better
known as an IVA) as an alternative to bankruptcy.

Individual-Voluntary-Arrangement.org, is a market leader in IVA management. It
arranges Individual Voluntary Arrangements to help people solve their debt problems
and avoid bankruptcy. The idea behind the introduction of the IVA was to enable people facing financial difficulties to come to a formal agreement with their creditors rather than having to face bankruptcy. If an IVA is agreed between the debtor and creditor:
• Interest on the loan is frozen
• Legal proceedings are stopped
• The overall debt is reduced
An IVA is generally seen as a more favorable option than bankruptcy from both the
debtor’s and creditor’s perspective. This is because there are no fees or legal
proceeding involved with an IVA, unlike with bankruptcy. Furthermore, from the
creditor’s point of view, an IVA offers a greater repayment of the debt than would
otherwise be achieved if the debtor were made bankrupt.
The IVA represents both an exciting new opportunity to avoid bankruptcy and to make a fresh start at the same time.

Web Site = http://www.individual-voluntary-arrangement.org

Contact Details = 2nd Floor
26-28 Hammersmith Grove
Hammersmith
London
W6 7AW
0870 609 3249
victoria@semsconsultancy.co.uk