n IVA with CCS is a Form of Insolvency
An important to see when getting into an IVA with CCS is that it works as a declaration of insolvency. This means that a person will have declared that the person is no longer capable of paying off one’s debts. This will work to allow a person to be eligible to enter a plan to manage one’s debts over time. An IVA can work to get a person out of insolvency over time.
It is generally best to declare one’s insolvency first. This is because declaring insolvency is not as harmful to one’s credit as declaring bankruptcy can be to one’s name.