Benefits of IVAs explained
Benefits of IVAs explained
Friday 21st November 2008
This is according to the money column in the Times, which explains that taking out an IVA can also help debtors to escape the "stigma" associated with bankruptcy proceedings.
The newspaper states that IVAs are "particularly attractive" for people whose careers could be threatened by bankruptcy, with lawyers or people who work in finance often choosing this option.
However, it also notes that large numbers of people are still unaware of the benefits of IVAs and declare bankruptcy without being fully informed of their choices.
"Some individuals go straight to the court and file for bankruptcy without seeking the service of a professional insolvency practitioner, so they never hear about the alternatives," Nick Hood, senior partner at Begbies Traynor, told the newspaper.
According to recent figures from the Insolvency Service, 9,746 Britons took out an IVA during the third quarter of 2008.
News article brought to you by SimpleIVA – UK IVA specialists.
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