IVA - What Other Options Do I Have?
We have been asked many times “what other options do I have if my IVA is not approved”. Here we try to establish what else you could do but in the first instance you should contact a professional company that deals with debt solutions for people in similar circumstances to yourself.
If an IVA is not approved because your creditors could not agree in the vote stages then there are other options that are available to you. Firstly you can ask that your IVA proposal can be reviewed, revised and resubmitted to the panel of creditors.
You also have the ability to look at a debt management plan as this is a proposal that allows you to repay all of your debt with any surplus income that you may have.
With an IVA you are guaranteed that charges and interest will stop or be frozen throughout the duration of the IVA. A debt management plan means that you do not get the guarantee of interest and charges being frozen or stopped. With this in the equation it is also very difficult to establish how long a debt management plan might last.
Offering your creditors an informal agreement may also work but would require you to offer some form of repayment on a pro rata basis. You would also be dealing with your creditors directly yourself.
Lastly there is bankruptcy. This should always be looked at as a last resort as it will affect your credit rating and could also have an impact on your job and your home. Bankruptcy is also common knowledge and your name, address and job title is normally printed in the legal notices section of your local paper.
All of these processes will require a professional on hand for advice and help if you need it. Not only for peace of mind but they can also deal with your creditors and administer all payments for you meaning that you no longer need to worry about the situation. If you would like to deal with a pre-vetted and approved company listed here on Confused Debt try our free debt calculator now. It only takes 60 seconds of your time.
