Providing you complete your IVA (Individual Voluntary Arrangement) and stick to the terms, you will be debt free. At the end of your IVA, the remaining balance will be written off and you can make a fresh start.

How do I know if I should arrange an IVA or other debt solutions?

Have your finances assessed first by a professional to make sure an IVA is the best option for you. If an IVA is not suitable, there are other debt solutions available, such as debt management, consolidation loans or - as a last resort - bankruptcy.

Both debt management and consolidation loans can be effective debt solutions to help you get back in control, but consolidation loans are usually only better if your debt problem is less serious. Otherwise taking on more debt is not a good idea.

For the latest insights and comments on money issues, you can also read our IVA Zone Blog.