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An IVA, or Individual Voluntary Agreement, is an arrangement between you and your creditors which will assist you in making your debt repayments more manageable in order to pay a percentage of your debts. Typically, your debts are settled after a five year period. It is a method of solving debt which has become increasingly popular over recent years as it has been made more broadly known through the media.
It is believed that IVA companies increasing their media advertising in response to the debt crisis is the cause for an increase in the popularity of IVA. Newspapers, radio and TV. Those individuals whom were targeted by these advertising campaigns were those who fit the criteria of being at least 15,000 in debt. The government legislation wasn't broadly known before this mass advertising but that is no longer the case.
They have made the public aware that an IVA can write off up to seventy five per cent of debt which, of course, is an appealing thought to many. Before it was made so well known it was used more by high profile professionals and company directors who would have see the end of their businesses with bankruptcy. It is the idea of being able to have debts written off without having to enter bankruptcy which make it so appealing.
Companies which provide the IVA have grown which has helped to disseminate this option. However, there are some elements of it which do cause some concern. For instance, the advertising can make it seem like a magic formula and advice given by a commission-based salesperson may not be the most impartial. There may also be costs involved which are not made broadly known.
The problem with more people being aware of an IVA is the fact that they will be pushed into thinking it is the most viable option when, in fact, an alternative debt arrangement may be more suitable. It is always better to seek independent consultation beforehand to ensure that you get the full picture before rushing into anything.
It is believed that IVA companies increasing their media advertising in response to the debt crisis is the cause for an increase in the popularity of IVA. Newspapers, radio and TV. Those individuals whom were targeted by these advertising campaigns were those who fit the criteria of being at least 15,000 in debt. The government legislation wasn't broadly known before this mass advertising but that is no longer the case.
They have made the public aware that an IVA can write off up to seventy five per cent of debt which, of course, is an appealing thought to many. Before it was made so well known it was used more by high profile professionals and company directors who would have see the end of their businesses with bankruptcy. It is the idea of being able to have debts written off without having to enter bankruptcy which make it so appealing.
Companies which provide the IVA have grown which has helped to disseminate this option. However, there are some elements of it which do cause some concern. For instance, the advertising can make it seem like a magic formula and advice given by a commission-based salesperson may not be the most impartial. There may also be costs involved which are not made broadly known.
The problem with more people being aware of an IVA is the fact that they will be pushed into thinking it is the most viable option when, in fact, an alternative debt arrangement may be more suitable. It is always better to seek independent consultation beforehand to ensure that you get the full picture before rushing into anything.
About the Author:
Look into the benefits of IVA UK and you'll see why they have become a popular option for clearing debt.
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