/24-7PressRelease/ - LONDON, UK, November 18, 2006 - Borrowers on the verge of facing bankruptcy may avoid bankruptcy by resorting to Individual voluntary arrangements (IVAs). But, IVAs don't always work. If people lose their job or get divorce while on an IVA, they may lose the ability to make the payments and then the IVA fails. So, one should be pretty sure about payments before entering IVAs.
Individual voluntary arrangements (IVAs) are not a cure for all the financial problems. It should be entered into with a lot of care, explains a financial expert.
Philip Beck, a licensed insolvency practitioner at the freeivaadvice website, says that the use of IVAs is set to increase as a greater knowledge for them develops. But, he also warns that IVAs should not be seen as a cure-all in every situation.
Beck says that people who need a swift resolution to their increasing debts should rather declare bankruptcy than to opt for IVAs.
An IVA is a legal contract between borrowers and lenders; it is a legally binding arrangement enabling borrowers to reach a compromise with their lenders and avoid the consequences of bankruptcy.
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