Depending on your financial situation, an IVA (Individual Voluntary Arrangement) could help solve your debt problems. But why should you choose an IVA over other debt solutions?

IVA: a way to end your debt problems

Many people with debt problems choose an IVA as it offers a way to pay back a reduced amount of your debt with smaller monthly payments. You can even repair your credit rating 12 months after completion.

An IVA is a legally binding agreement that can clear your debt after five years. As long as your creditors agree to it, and you stick to your payments, at the end of the five year period any remaining debt will be written off.

Because its legally binding, you also have the security of knowing your creditors can't change the terms, unlike other solutions, such as debt management plans.

An alternative to bankruptcy

Many people choose an IVA because it is less severe than the option of Bankruptcy. Some home owners may choose an IVA instead of bankruptcy as you will not risk losing your home. Unlike bankruptcy, it's not restrictive to any professions nor will it be published in the newspaper.

Should you choose an IVA?

An IVA is for serious debt problems, usually over £15,000. You should only pursue one if it's going to be the best solution. As well as providing online information, The IVA Zone can point you in the right direction regarding a trustworthy provider. Click for more information on how to arrange an IVA and get confidential debt advice.