Although bankrupts are now discharged within a year, information about bankruptcies stays on your credit report for at least six years as does information about an IVA. Even after your bankruptcy has ended, the fact they become bankrupt or entered into an IVA bankruptcy alternative or entered into an IVA bankruptcy alternative in the past may still stop you getting credit. It may also stop you getting the best rates. Some say that bankruptcy seems an attractive option because individuals are discharged after just a year, but there are massive repercussions for years afterwards.



The vast majority of people we speak with are good people in difficult situations who would prefer to avoid bankruptcy. They are often attracted to the idea of entering into an IVA bankruptcy alternative (annual voluntary arrangement) with their creditors in order to repay some of what they owe over a sensible time period rather than having to walk away from their responsibility.

An IVA bankruptcy alternative is an agreement drawn up by a specialist practitioner under which the creditor to who money is owed agree to a regular repayment plan, which reduces the amount of money the debtor needs to pay off overall, interest on the debt is frozen.

The question arises here is why do debtors even need an Insolvency Practitioner? At this rate, all that is really needed is a binding IVA bankruptcy alternative that would limit the length of time in the plan and agree to discharge the debt at the end of the fixed term. If creditors agreed to do that then the IVA bankruptcy alternative companies around could handle the repayment plans of debtors and cut the Insolvency Practitioner out of the loop completely. In fact, one could argue that IVA bankruptcy alternative companies are already better suited to handle the demands of the creditors for monthly disbursements and electronic payments.

Obtaining IVA bankruptcy alternative includes many benefits, these are as follows:

•An organised repayment for the stipulated time period or frame

•Under the provision, legal assistance is offered to the debtors

•Provision of Insolvency Practitioner is given right to practise the debtor’s financial affair

•Legal assistance to pursue your complaint to the financial ombudsman in respect of a rejection of your approved IVA bankruptcy alternative arranged through

If you are buried under huge interest payments and still have a good credit rating look for a card to transfer your balances and begin paying down the principal instead of merely paying interest. Negotiating with creditor, in many cases your creditors will be willing to work with you to find a solution to getting paid. For all this, IVA bankruptcy alternative is best eliminator or undoubtedly right financial facilitator for debtors under intense debts.