| Industry News |
|
| News » Insolvency Law » IVA 'not only insolvency solution' |
|
03/09/2009
IVA 'not only insolvency solution' |
|
People facing possible insolvency or bankruptcy can find more than one way to deal with it, according to the insolvency service.
A spokesperson for the Insolvency Service Helpline said the use of individual voluntary arrangement's (IVAs) was not a guaranteed or easy solution and there are alternatives.
He warned: "An IVA is a very strict method of paying back debts and if you do fall behind with an IVA then you can go bankrupt."
The expert explained that IVAs work by allowing structured repayments in a system where some creditors will wipe off debts because the alternative is for the debtor to go bankrupt, potentially leaving them with nothing.
Those who are struggling with the threat of bankruptcy may wish to speak to an insolvency lawyer to work out what their best options are.
Earlier this week, consumer website Credit Action noted that total personal debt fell by 0.6 per cent in July, the first time it has recorded a drop in borrowing levels in 16 years.
Written by Laurence Smith
 |
| |
| Related Articles |
11/01/2010
Retailers 'face tough 2010'
This year will be a very difficult one for retailers, the British Retail Consortium (BRC) has predicted.
|
23/12/2009
Economy 'to remain sluggish'
The UK economy will continue to be weak as a number of factors collude to prevent it growing with much speed, an expert has predicted.
|
17/12/2009
New Year insolvency warning
Insolvency lawyers could be very busy in the new year as the retail sector faces a large number of struggling traders going to the wall, it has been predicted.
|
02/12/2009
Warning for businesses may raise insolvency issues
Banks are still substantially disconnected from businesses despite the efforts of the government, it has been claimed.
|
25/11/2009
Insolvencies 'accounting for a third of job losses'
Nearly a third of the jobs lost in England and Wales in the past year were caused by company insolvency, it has been revealed.
|
News Archive