Is an IVA right for me?

Compared to Bankruptcy, there is less stigma attached to an IVA.
Any businesses you have may continue trade. Unlike bankruptcy, people who go for an IVA may remain in their professions without any need to need to resign.
So long as you keep to the terms of your IVA, you decide which of your assets are sold, although the Insolvency Practitioner will probably make suggestions.
Unlike bankruptcy, you can normally keep your house.
As long as 75% of your creditors (by value) are in favour of your proposed IVA, all creditors will thereafter be bound to the rules of the IVA.
Most creditors realise they are not going to receive what is owed to them. An IVA costs less to administrate than bankruptcy so this means they may receive a higher payment than if you became bankrupt.
People who opt for an IVA can operate a current bank account, albeit without an overdraft facility.

Most IVA's last for 5 years. Bankruptcy normally lasts 12 months.
You should generally have unsecured debts of at least £15,000 and creditors who represent at least 75% of the money owed, must agree to your IVA.
Though it is rare, you do run the risk of being made bankrupt. Should you fail to keep to the terms of your IVA, your creditors can apply for a bankruptcy order or they could decide to sell off more of your assets.
The IVA repayments are generally high.
The details of your IVA are recorded in a public register, which will affect your credit rating.
The Insolvency Practitioner will supervise your finances.

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