A lot of people believe that bankruptcy is an easy way of dealing with the debts they have incurred over time. Other debt solutions for those who appear to have gone beyond the point of debt return, are available and offer a less drastic, individually structured debt repayment scheme, such as an IVA. An IVA acts differently from bankruptcy, effecting your rights differently and in turn effecting your future differently.
You might have gained a rather too optimistic view of what an IVA can do for you, depending on which adverts you've seen. Last November Debt Free Direct, the UK's leading IVA provider, complained to the Advertising Standards Authority (ASA) about several IVA companies falsely claiming they could write off up to 75% of a persons debt. The ASA found Debt Free Directs claims to be true and told IVA companies to only make claims they can substantiate.
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