Becoming insolvent means that your assets no longer exceed your liabilities and for those living the celebrity highlife, this is a pitfall which is often impossible to avoid. When spending is cascading out of control, an individual voluntary arrangement can hand the reigns back to the individual and stop the runaway horse that is bad debt.

Individual Voluntary Arrangement – Living Within Your Means

Celebrities invariably earn astronomical amounts but they also tend to have outgoings that are the similar to GDP of a mid-sized country. Inevitably this will see the finances go into disarray and bankruptcy may be required. Individual voluntary arrangements should be considered before filing for bankruptcy as they are generally considered to offer a more manageable payment plan and will result in bad debt being completely cleared upon successful completion.

Individual Voluntary Arrangement – A Life A Luxury

Celebrities are not known for their ability to moderate and this is especially true in the case of some sports and movie stars from around the world. Individual voluntary arrangements would have been one possible solution to the financial woes suffered by some of these celebs: 1] George Best – the precocious footballing talent was declared bankrupt in 1982 after amassing gambling debts. He was once famously quoted as saying, "I spent a lot of money on birds, booze and fast cars. The rest I just squandered".  2] Mike Tyson – no longer a heavyweight in the ring or with his bank balance. The former world champ was declared bankrupt in 2003.

Individual Voluntary Arrangement – Opening The Door To A Debt Free Future

An individual voluntary arrangement is often considered the more viable option than a debt management plan when dealing with the onset of potential bankruptcy. The key difference between the two is that with an individual voluntary arrangement, when completed successfully, you will be able to write off all outstanding balances and be able to claim credit again.

Talk To Varden Nuttall About An Individual Voluntary Arrangement

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.