When a person is in debt they often feel that there is nowhere to turn, many hear on the grapevine about IVAs and Debt Management Plans and even bankruptcy, but they do not understand which option is best for them.
At Debt Release Direct, our job is to assess each individual and their circumstances in order to recommend the best debt management solution for them.
The main differences between an IVA and bankruptcy are that the assets are handled in a different way and the home is treated differently, the time periods are different and the employment status has to be considered before choosing each procedure.
An IVA or individual voluntary arrangement is advantageous because it is easier to get a mortgage than with bankruptcy, you can keep control of your assets and you can still be a director of a limited company. With an IVA it is easier to get a bank account and the IVA will leave the customer debt free after a maximum of 5 years, The IVA can write off up to 75% of debt and the IVA can stop the interest on the debt.
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