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EPR Archived News |
Clear Start - The UK National Consumer Debt Service-Arranges IVAs As An Alternative To BankruptcyReleased on = June 17, 2005, 1:27 am Press Release Author = Victoria Selman/Clear Start.org Industry = Financial Press Release Summary = With bankruptcy on the increase, new measures have been
introduced to provide a less drastic way of dealing with debt. The introduction of
the Individual Voluntary Arrangement (IVA) provides an alternative to going bankrupt Press Release Body = This May, the Department of Trade and Industry found that there were 10,091 bankruptcies in the first quarter of 2005. This represents an increase of 24.5% on the corresponding quarter of last year. Bankruptcy can leave an individual feeling ashamed, depressed and out of control. Furthermore, for many the stigma of bankruptcy can be too much to bear. However, there may be an alternative to going bankrupt which can also help people in serious debt to make a fresh start. The Insolvency Act of 1986 introduced The Individual Voluntary Arrangement (better known as an IVA) as an alternative to bankruptcy. Clear Start- The UK National Consumer Debt Service, is a market leader in IVA
management. It arranges Individual Voluntary Arrangements to help people solve their
debt problems and avoid bankruptcy.
The idea behind the introduction of the IVA was to enable people facing financial
difficulties to come to a formal agreement with their creditors rather than having
to face bankruptcy. If an IVA is agreed between the debtor and creditor: Web Site = http://www.clearstart.org Contact Details = Victoria Selman 0870 609 3249
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