IVAs ‘help debtors to move on’
Article Category: IVA (Individual Voluntary Arrangement) Help and Advice
The security afforded by an IVA helps debtors to get on with their lives, according to an industry spokesperson.
Nick O’Reilly, vice-president of R3 - the Association of Business Recovery Professionals - warns that there is “never ever a release” from debts which are frozen.
But by obtaining an IVA, a debtor can put in place a fixed repayment schedule, at the end of which they will be out of the red, he proposes.
“The thing about voluntary arrangements is that it’s a finite period,” Mr O’Reilly comments.
He adds that by the end of the schedule “it will be successfully concluded and you will be able to write off a proportion of the money that you owe”.
By taking out an IVA at an early age, he asserts that people in their 20s could find their finances back in order by the time they come to settle down.
In this way, larger expenses such as mortgages could be acquired in later life, he concludes.
For more information about IVAs call our advisors on 08000 122 118 for FREE, no obligation help and advice.
Leave a Reply