IVA the same as bankruptcy?

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cathydb

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Post by cathydb » Thu Sep 18, 2008 1:18 pm
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I am currently considering going into an IVA however I have been told that this is virtually the same and as bad as bankruptcy. Is this true?
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Adam Davies

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Post by Adam Davies » Thu Sep 18, 2008 1:24 pm
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Hi
In terms of affecting your credit rating then yes they are very much the same.
However they are quite different in regards to how they work and how they deal with your debts and any assetts
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Thu Sep 18, 2008 2:37 pm
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Unfortunately being in debt in the first place brings lots of disadvantages for you, but as Andy says the solutions for dealing with debt are quite wide and varied. When you are seeking debt advice, it is usually best to chat to an insolvency practitioner who will be able to guide you along all options to enable you yourself to make up your mind as to how they will affect you personally - both now and into the future.
Regards, Melanie Giles, Insolvency Practitioner
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