IVA instead of Bankruptcy
In 1986, the IVA or Individual Voluntary Agreement was passed in the UK as an Act of Parliament. This has created a much better option for individuals instead of declaring insolvency or bankruptcy.
In 1986, the IVA or Individual Voluntary Agreement was passed in the UK as an Act of Parliament. This has created a much better option for individuals instead of declaring insolvency or bankruptcy. It also prevents the creditors form taking undue advantage of their position on the individual by dragging him to court, sending bailiffs or issuing statutory demands. The IVA has facilitates the chance of the creditors recovering a part but major amount of the loan as well as the individual
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