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When consumers hear the word bankruptcy they are immediately presented with a difficult decision: should I act now and clear my debts but losing all solvency and becoming a bad debtor or is there an alternative to my crisis?

There is an alternative to bankruptcy if your debts have become beyond your means and you will have no possible way to repay them. An IVA which stands for Individual Voluntary Agreement is a key way in which debtors can have piece of mind whilst still being financially free and able to carry on in their day to day lives.

The main purpose of an IVA is to allow the debtor to repay their creditors within their means and sets out a plan of repayments over a certain number of months or years so that all being well the level of debt will be repaid. Only an IVA gives the debtor this freedom of repayment and an IVA is worked out to a satisfactory level between you and your creditors with outside supervisory assistance.

Apply for an IVA.

The features of an IVA are:

• Supervisory Assistance means that your creditors will work through them to negotiate with you, you will no longer fear demands coming to your door or the stresses of waiting for their bills to arrive.

• Flexibility of repayments that are instituted within the framework of the IVA will give you more financial flexibility and freedom when it comes to repaying a significantly smaller amount of debt owed.

• Bad credit scores can affect your future earnings and could sop you from trading or starting up a new company. It also limits your options when it comes to loans and other financial options will carry high levels of interest. Bankruptcy will severely affect your credit score, whereas an IVA is a private agreement and as such it keeps your credit history secret.

An IVA is a necessary step for some debtors and is preferable to bankruptcy to creditors as it allows them to recoup some of the debt owed. Taking out an IVA should always been done with professional legal counsel and suitable consideration.