In 2005, over 20,000 people in the UK avoided bankruptcy and succeeded in clearing their debts. This article discusses how they were able to do so and why the 15,389 people who filed for bankruptcy at the beginning of this year should have checked out the alternatives first. In 1986, the government introduced a scheme [...]
It’s Official; We Are Now A Bankrupt Society? The Government’s Insolvency Service claimed that 27,644 people were either made bankrupt or entered into an Individual Voluntary Arrangement (IVA) as a way to control or manage their debts in an ordered fashion. It was too early obviously to know how big a percentage of those who [...]
There Is An Alternative To Bankruptcy In The UK Debt levels in the UK are rising alarmingly. The latest Insolvency Statistics confirm this trend, with Individual insolvencies in Quarter 4 2006 up 44% on the previous year. For an individual, insolvency means a person is unable to pay off their debts, and has become bankrupt [...]
The IVA can be a good solution for people that are facing bad debt, debt collectors, bailiffs knocking the door or facing the loss of their home or car. It can also be a disaster in some cases as well.
An IVA or Individual Voluntary Arrangement (Some call it incorrectly, Individual Voluntary Agreement) is a binding [...]
IVA Questions and Answers