The number of IVA's recently has exploded, in the year 1997/1998 there were fewer than 5,000 IVA's in place, by the year 2004/2005 the total had peaked and gone over the 20,000 barrier, with this year ending 45,000.
With the now fast becoming an extremely powerful and dependable tool for the sole traders, individuals and partners of our society, there is clear information that they are a fast becoming a key asset to helping the public clear their debt and return to a clean bill of health in the long term.
IVA's are legally binding arrangements that are then supervised by a Licensed Insolvency Practitioner, this as stated above are to enable many individuals ranging from the every day sole traders to partnership businesses attempt to give themselves a better outlook on the business or individual futures. This in the long term allows the debtor to reach in principle a compromise with their creditors, thus creating a chance for them to prevent the acute problem of becoming bankrupt.
An IVA is typically nowadays available to all individuals, sole trader, and the partners who find themselves in any troublesome areas including creditor pressure, . The IVA is a first choice option to preventing the individual going bankrupt and in turn allow for a much greater repayment to the creditors that what would be repaid should bankruptcy be an option.
Johnathan Terry
Bramley Carrington Limited
