Individual Voluntary Arrangement: The Final Part Of My Story
Five years ago this January, I entered into a Individual Voluntary Arrangement, better known as an IVA. If you have been reading some of my other posts, I had amounted huge debts, through trying to grow my business, with unsecured loans, the choices were stark either go bankrupt or there was the option of IVA help.
Five years on I am not sure in some ways if I had my time again, that my choices might be different. The reason for this statement is the huge toll paying my Individual Voluntary Arrangement has taken on my marriage, my business and the view I have of myself.
I do not think that even after 5 years I have quite shaken the misplaced shame and regret I feel for getting myself and my family into this mess, I know I have worked hard to turn things around, and in the process kept my business and my home, but some times I look at how much of my focus over the last 5 years has been about robbing Peter to pay Paul and the effects that has had on my relationship with my wife and the decline of my business due to lack of funds and consistent focus, I do ponder if bankruptcy would have been quicker and easier.
However with all things considered I have to say the IVA has had the edge, in that apart from keeping my business and property I was able to pay back a bit more than I would have if I had gone the bankruptcy route.
So if you are looking for a solution to your debt problems then yes Iva help may be the solution, however never see a Individual Voluntary Arrangement, as a easy way out, take it from me its not.