The U.S. Should Adopt IVA Debt Solution Principles
Citizens of the U.K. should feel proud and reassured that the IVA is a part of their financial fabric and one of the best debt solutions conceived, especially for particularly massive debt. In my opinion, the U.S. should adopt the principles of the Individual Voluntary Arrangement and use them to improve what we call debt settlement. With an IVA, it is not an indiscriminate amount of debt that is asked to be written off. Rather, an arrangement is made for you to take five years to repay as much of the debt as is reasonable, according to your household expenses. Only the balance that remains after the five-year period is written off. I believe this would be better for one’s credit rating and respectability.
