Can you bank on an iva to get you out of trouble?

We all appreciate some privacy in our lives so having the details of your financial situation up for scrutiny by third parties is never an enjoyable experience under any circumstances. The main differences between an Individual Voluntary Arrangement and bankruptcy proceedings is that when you are declared bankrupt you are usually relieved of the responsibility of having to pay for any unsecured debts that you have. When you enter into an iva on the other hand, you still have to pay a portion of these loans off. You are probably thinking that now is not the right time to be considering opening a Swiss bank account and why would you need one anyway?

Although they are most famous for their adherence to their country's secrecy laws, they do have other benefits however. For a start you can open accounts that have no minimum balance requirements and no maintenance fees charged by the bank. They also offer secured and encrypted online banking services and there is nowhere where you will feel your money is safer. While an iva does not release you from all your debts, you can obtain relief of up to 65% of them and with a fixed payment programme you will be able to budget more easily and have a bit to spare. In a Swiss bank account you can put this money to work on the stock markets or the forex markets by taking advantage of some of the services that they offer to all their clients.