Here's a quick overview of the main advantages of an IVA;

 

You will stay in control of your home.

Charges and interest on your unsecured debts will be frozen for the duration of your IVA.

You usually won't have to be pay back the full amount you owe – only what you can reasonably afford over the 5 years.

Your employment status will not normally be affected with an IVA, so you can continue as a company director or hold public office.

IVA Disadvantages

 

Below are 4 of the main disadvantages associated with IVAs;

 

You are legally bound by a payment plan lasting up to 5 years.

If you're a homeowner, you may have to release equity for the benefit of your creditors.

Failure to make your agreed repayments could lead to bankruptcy which may result in losing your home, job or both.

Your credit rating will suffer for the duration of our IVA and for around 1 year afterwards