Here are some IVA Questions for your considerations -
What will an individual voluntary arrangement cost?
Costs are dependent on varying factors. The costs can be based on the duration of the voluntary arrangement, the work involved in advising and compiling the voluntary arrangement, prior to the meeting of creditors. We give an accurate estimate of your repayment costs and disbursements when we have your details, then once received the costs will be based upon your individual circumstances.
When can you make an individual voluntary arrangement?
It is better and cheaper for you to set up an individual voluntary arrangement before you become bankrupt, but you can propose one afterwards.
What are the advantages of an individual voluntary arrangement compared to going bankrupt?
It gives you more say in how your assets are dealt with and how payments are made to creditors. You may be able to persuade your creditors to allow you to retain certain assets (such as your home). You will obviously have to act responsibly and flexibly in order to reach agreement with your creditors.
