Ways to clear your debt

There are various methods to solve serious debt problem beside declare bankruptcy. An alternative to bankruptcy which is increasingly common is the Individual Voluntary Arrangement (IVA). To make sure IVA is the right option for your debt problem, you can try quick test on the Internet. Several website provide free test to help you determine is the IVA is right for you or not.

The Individual Voluntary Arrangement (IVA) involves the individual making a formal proposal to his or her creditors and applying to the court for an interim order. This, when granted, prevents creditors from starting bankruptcy proceedings against the debtor.

If you have decided upon an IVA as the solution for your debt problem, your next task is seek expert advice from a Licensed Insolvency Practitioner. They can help you on every step IVA process and you have to pay the Insolvency Practitioner for his or her work. When it is set up correctly, IVA provides an affordable payment plan and it will usually take between two and five years to complete the repayments.

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