What's more, the IVA doesn't carry the negative aspects of bankruptcy such as the risk to key assets and restrictions on doing business.
(PRWEB) October 23, 2006
Debt advice experts The Debt Counsellors have produced The IVA Report, a guide to the Individual Voluntary Arrangement, to help people in serious debt avoid bankruptcy.
The IVA Report explains in detail the process of the Individual Voluntary Arrangement (IVA) as an alternative to bankruptcy, explaining the pros and cons and suitability in individual cases.
The report also provides details of alternative solutions to serious debt as well as details and advice on what to do if anyone wishes to look into IVAs further.
The Debt Counsellors have produced the report to improve awareness of the IVA as bankruptcy continues to rise.
John Porter of The Debt Counsellors believes this increase is partly due to a lack of knowledge of the alternatives to bankruptcy, such as the IVA.
Porter says: "In many cases of insolvency, the IVA is a preferable process to bankruptcy. It allows the debtor to continue earning while paying off a greatly reduced debt over five years, and it also prevents or ceases any legal action and wipes CCJs.
"What's more, the IVA doesn't carry the negative aspects of bankruptcy such as the risk to key assets and restrictions on doing business."
Porter hopes the Debt Counsellors' IVA Report will improve consumers' knowledge of the IVA as well as the pitfalls of bankruptcy.
He says: "Many people are mistaken in thinking that bankruptcy is an easy way out of serious debt. It isn't and we hope the report highlights that, as well as providing valuable information on the IVA process."
The Debt Counsellors’ IVA Report can be viewed at http://www.debtcounsellors.co.uk/reports/iva-report.html