How is an IVA different to bankruptcy?
An IVA is an agreement with your creditors to pay as much as you reasonably can over an agreed timescale. It does not mean that you have to surrender any of your assets or move out of your home. Bankruptcy can involve having many of your assets being taken from you, including your home. Bankruptcy may also restrict your ability to obtain credit in the future, to work in certain professions and to take up certain roles in society.
