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Advantages include:
- Be totally debt free after repayment period
- Learn financial management skills that will benefit you for the rest of your life
- Receive ongoing support from our IVA specialists
- Avoid bankruptcy and the restrictions it can impose
- You will have chance to pay no further interest or charges on your debt
- It is not made public
- It does not affect your professional standing
- You and your Nominee draw up flexible realistic proposals
- Unlike bankruptcy, you will still be able to act a director of a
company or work in the armed forces or other professions
- IVAs provide a better return to creditors than bankruptcy
Disadvantages include:
- Any equity in your property may have to be released
- Failure to meet repayment may result in bankruptcy
- A minimum monthly repayment is required
- Terms last longer than bankruptcy
- You credit rating will be damaged but can be improved in the years following the IVA
- Level of repayment is higher than bankruptcy
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