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People should "think very carefully" before entering an IVA

23/04/2008

Entering into an Individual Voluntary Arrangement (IVA) is something that people should "think very carefully" about as it is not a decision to be taken lightly, a financial expert has claimed.

IVAs - often seen as the alternative to bankruptcy - can be beneficial to many consumers but not to all as, in some cases, they work "in favour of creditors", the head of personal finance at Fool stated.

David Kuo said that IVAs had helped many consumers out of severe debt problems since their introduction earlier this decade, but claimed that people should know exactly what they are getting in to before agreeing to the deal.

He added: "It`s not as damaging as bankruptcy because with bankruptcy you lose everything that you have, but an IVA will go on for 60 months - five years - and during that time you have to maintain your payment to the creditor otherwise the IVA can be rescinded."

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