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Write off up to 75% with help from Government Legislation

Write off up to 75%
with help from
Government Legislation

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Individual voluntary arrangements (IVAs) can be the "most suitable" option for those facing insolvency, an expert has claimed.

Vice-president of R3 – the Association of Business Recovery Professionals – Nick O’Reilly said if IVAs are refused the debtor will often go bankrupt and the creditors will see "significantly lower" returns.

He said IVAs mean debtors "will not have to go bankrupt and risk losing their home and they won’t be forced into an unreliable debt management plan, which could last indefinitely, and still result in bankruptcy".

IVAs benefit debtors by allowing unaffordable debt to be written off and interest on the outstanding sums frozen.

The arrangement is made through the courts and is legally binding once the creditor has agreed to it, which means debtors can no longer be chased if they continue to make their agreed payment.

IVAs allow debtors to retain assets such as the family home and to continue using a bank account.

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