Is an IVA better than declaring bankruptcy?

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Is An IVA Better Than Declaring Bankruptcy?

The effects of declaring yourself as bankrupt are very profound, there is a risk of loosing both your current and future assets, you will find it harder in the future to obtain credit, you will have problems with financing a house in the future, all bankruptcy is published in local papers. Getting an IVA does not have such problems.

When you declare yourself as being bankrupt your assets will be sold in order to pay off your creditors. However if you do not have much to loose in terms of assets then bankruptcy may be a option, but only after reviewing the other non financial disadvantages e.g. impact on career etc. The risk to your future assets is that if you have any inheritance could be lost too, in order to pay for your creditors. --- However when you are on an IVA if you have any equity in your property or in any valuable assets such as cars for example, as a part of the IVA agreement you will have to release a little of this or the whole amount of this, depending on your agreement.

The effects bankruptcy has on your future are as follows, as an undischarged bankrupt you will not be able to get credit for more than £500, and thus you will not be able to get any loans, credit cards, or mortgages as long as you are classified as a bankrupt. ---- Having an IVA will make it difficult to get credit but it is not impossible there are lenders on the market who will lend you up to 90% in some cases, if you required a mortgage.

There are certain jobs that you cannot have if you are an undischarged bankrupt; these include being the director of a Limited Liability Company, Member of Parliament, a councillor, mortgage broker, or an estate agent. You may also find difficulties in getting other jobs too. ---- There are no problems with jobs and IVAs, you can have the same job you have now without any implications from the IVA.

Your bankruptcy will be advertised in local papers, thus may damage your reputation in the eyes of the community. ---- The IVA is only between you and the creditors so no publication is recorded.

IVA Mortgages Frequently Asked Questions

What occurs to my assets in an IVA?	Who can start an IVA?
The pros and cons of an IVA?	How does an IVA Work?
How much will I pay a month ?	What happens at the end of the IVA?
Having problems during the IVA?	Is an IVA better than declaring bankruptcy?
I have debts,what options do I have?	What if I can not pay my repayment ?

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