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Personal Bankruptcy - IVA a better alternative?

For years, many people decided to file bankruptcy in order to rid themselves of their debt. Not many have heard of an IVA which is a UK government approved debt solution. An IVA (Individual Voluntary Arrangement) is an alternative to bankruptcy that can wipe up to 70% of a persons debt. An IVA is a 5 year legally binding agreement in which debtors will pay an monthly amount they can comfortably afford. Once an IVA is agreed existing creditors will not be able to hassle the debtor anymore, existing debt interest will be frozen and the debtors unaffordable debt will be written off. In 5 years a person can become totally debt free with an IVA.

Today's culture has seen an unmatched rise in the number of people who file personal bankruptcy. With the amount of consumer debt at an all-time high, a growing number of people feel that this is the best option for them so they can start over with their finances. The only problem with this idea is that it does not change a person's behavior. Instead, it almost reinforces the irresponsible habits and behaviors that resulted in the debt in the first place. People who find themselves in this predicament and want to avoid personal bankruptcy will want to look into bankruptcy alternatives before making their final decision.

Bankruptcy occurs when a person - the debtor - has a large amount of debt that they cannot repay for one reason or another. People who file bankruptcy often feel that there is no other option for them to get out of the insurmountable pile of debt that they have acquired. The accumulated debt can come from a variety of sources. The situation can also occur for a variety of reasons, from a legitimate catastrophic life event to merely years of irresponsible spending habits.

Even if it takes some hard work and effort, researching your financial options is of utmost importance for making the right decision. Instead of just allowing a personal bankruptcy to affect your credit for years to come, look into the ramifications it will have on your financial future. For instance, it will always affect your ability to get a low interest rate when you decide to buy a home or for many other types of major purchases. For those who want to avoid bankruptcy, there is a way to get out of what might seem to be insurmountable debt. A bankruptcy alternative is available and an IVA is definitely a solution worth considering.

IVA UK have trained advisors who have helped thousands of families who have been struggling with debt become debt free. Free advice is available and if you wish IVA UK can be dealing with your debt within 24 hours while you get your life back on track.Visit IVA UK now for more information

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Source: http://www.articlealley.com/article_150051_19.html

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