RUNCORN, England — The Individual Voluntary Arrangement, or IVA, is becoming an increasingly popular tool for consumers facing severe debt problems. IVAs offer consumers the chance to repay a portion of their debts to creditors and be debt free in less than five years without declaring themselves bankrupt. With personal bankruptcy figures soaring, and the increased media coverage of the rise in bankruptcies, many people are unaware of the existence of the IVA as a practical alternative to 'going bust.' In response to this, the not-for-profit financial crisis centre Myvesta UK has created an extensive online video series that addresses and answers the most common questions associated with IVAs.
"IVAs are a complex and often misunderstood solution for consumers with severe debt problems," said Steve Rhode, chairman of Myvesta UK. "We stress that anyone facing financial difficulties should find out as much information as possible about all the available solutions so they can decide which solution best fits their needs. Our online video series will help to demystify the process of the IVA, and provide consumers with the information they need to make informed decisions."
Myvesta UK's "IVA to Z" video series offers more than sixty separate questions that are answered by a senior insolvency practitioner. Each question and answer is available individually, which allows people to choose which questions apply to their situation and get an immediate answer. Some of the questions available online include:
- How Much Debt Do I Need To Do An IVA?
- What Types Of Debt Can An IVA Deal With?
- Will Participating In An IVA Be Reflected On My Credit File?
- Will An IVA Stop Collection Calls?
- Will I Have To Sell My House If I Do An IVA?
"Getting the right answers to your questions when you're dealing with the stress of being in debt can seem like an impossible task," Mr Rhode said. "With our new video series we've made it simple to learn about IVAs and we've provided all the correct answers on one easy to access, free, web page."
To view Myvesta UK's IVA to Z video series or to learn about more options available when facing debt problems, visit Myvesta.org.uk online.
