2. What is the advantage of the Individual Voluntary Arrangement in Hong Kong?

The Individual Voluntary Arrangement is an alternative to bankruptcy and a chance to repay your loans at a lower interest rate, and with a new pay-by date. Through the IVA HK, you have a longer repayment period of your existing loan and pay less than the originally agreed interest.

IVA in HK is your chance to clear your debts easily. A new repayment proposal model will be created and proposed to your creditors. If most of your creditors accept the new payment terms, your current debt repayment scheme becomes null and void, and the new proposal comes into play. You get a new lease of life in terms of debt repayment, and you won’t have to file for bankruptcy. Up to 80% of your interest can be waived, and most of what you have to pay back is the principal amount that you were loaned.