Iva Alternatives

Iva Alternatives

Iva Alternatives

One alternative to the IVA is an informal arrangement which is not legally binding in the same way and not administered through the court.

It means you enter into an agreement with your creditors privately, or with the help of a debt counsellor.

By negotiating with them, you reach an agreed figure and payment plan to settle the debt.

The problem with this is that, firstly, if you reach an agreement you will not have the same legal assurances as with an IVA.

Secondly, you might not necessarily enjoy the same advantages such as interest being frozen and legal proceedings being halted.

 

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