• Up to 70% of your debt could be ‘written off’ as part of the arrangement.
• No more interest or charges will be added.
• You will make a single monthly payment for a period of 5 years based on what you can realistically afford.
• The IVA is legally binding so that your creditors cannot change their minds once they have agreed.
• Once agreed, your creditors cannot bring any action against you as long as you comply with the IVA.
• Your creditors will no longer be able to chase you for payment, so the letters and phone calls will stop.
• You are able to have a bank account as long as it does not have an overdraft facility.
• There will be no publicity in your local newspaper as there is with bankruptcy.
• Your home will not be at risk, and you will usually will be able to keep your car.
• An Individual Voluntary Arrangement does not affect your ability to hold public office.
• An IVA does not affect your professional status and your employment will not be affected, even as a company director, accountant, police officer or in the armed forces.
• Fees tend to be less than the court costs and Official Receiver fees involved in a bankruptcy.

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