Is an IVA right for you? Five easy questions to get you started. An IVA is probably one of the most serious financial decisions you will ever take in your life. But is an IVA right for you – and are you suitable for IVA? The first thing that all IVA providers and all debt counsellors will say to you if you are thinking about an IVA is that you must read all about them and get as much information about IVA pros and cons as you can before you make any firm decision. That's all well and good, but the problem is that there is so much information available on IVA and other debt solutions that you can sometimes feel completely overwhelmed. What to read first?

Well, we will try to help. Read this and if you answer YES to all these questions, then you can look further for more IVA information.

1. Do you owe more than £15,000? You will probably only qualify for an IVA if you owe this amount or more.

2. Do you have to make minimum monthly repayments of £250 or more?

3. Are you struggling to meet your monthly repayments? IVA providers will take your personal financial set-up into account. IVA is a route out of serious debt, not a way of saving money.

4. Do you have a stable monthly income? Because IVA involves making an agreement with your creditors, you will need to show them that you can pay back a certain amount ever month.

5. Are you prepared to live under the terms of your IVA for five years? This is a long time to have this kind of legally binding agreement. Only get into it if you are sure you can stay the course.

If you answered yes to all these questions, then you should seriously think about an IVA – it might be the right thing for you. If you answered no, perhaps you should start looking at other sources of debt information. Good luck!