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IVAs help with "debt elimination"

15/10/2007

An individual voluntary arrangement (IVA) can be used as a "feasible" debt elimination method by those experiencing debt problems, a financial expert has claimed.

The IVA scheme, where debtors agree with creditors a structured payment plan over a five-year term, can be deemed a "preferable alternative" to bankruptcy, financial consultant Johan Jeuring said.

During the IVA process, the deal enables those with debt problems to make monthly payments, or in some cases a lump sum, to pay off debts, without the local press being able to report of the financial troubles, Editors Choice reports.

Mr Jeuring added: "If you are contemplating entering into an IVA programme, then it is better if you actually speak to an insolvency practitioner involved in your case. An insolvency practitioner is usually either a chartered accountant or a solicitor who must separately quality as an insolvency practitioner after firstly qualifying in accountancy or law."

According to Credit Action, there were 26,956 individual insolvencies - either through bankruptcy or IVA - during the second quarter of 2007.

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