Facing difficulties in making payments has become more critical problem for debtors due to low financial climate in UK. Latest financial figures released by credit action have shown that there is £7, 891 average outstanding debts up to May 2012. If you are also in similar situations then before heading towards bankruptcy go for other alternatives. Trust deeds and IVA are two alternatives of IVA. There are some similarity and differences in these options.
- Both options are available for debtors who own money from more than three creditors
- Both are alternative to bankruptcy and methods of insolvency
- Both options need approval from creditors before awarded
- Both options accept affordable payments from debtors for set period of time
- Outstanding debts are written off in either option when period over
- In both options, your creditors cannot take any legal action against you without the permission of court
- Trust deeds and IVA both are legal contract between creditor and debtor
- Trust deeds are available only for the residents of Scotland whereas IVA is available for people living in any part of UK like England, Northern Ireland or Wales.
- IVA is typically available for five year period whereas trust deed ends in just three years
- Trust deed is suitable repayment option for people having unsecured debts over £10000 whereas IVA is not applicable for debtors having less than £15000 debts
IVA and trust deeds are two different methods of insolvency. Both methods work in similar way and available for same purpose of insolvency. Your monthly payments will be lower down and comes to an affordable level for you. Ultimately you will get benefit in clearing your debts. Before selecting any of these options, it is important to take help of debt experts to select best available option for you.
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