Is an IVA (Individual Voluntary Arrangement) right for you? Well the simple answer is that it depends. A qualified Debt Advisor or Insolvency Practitioner is the person best placed to advise you on what your options are if you find you’re going to be unable to meet the terms of your debts.
What options are best in any one case will depend on a number of factors. What your income is will naturally be one of the most important of those factors, as will your expenses other than the debts you’re most concerned about. What assets you have will also be an important element in working out how best to move forward.
You will generally have more control over what happens to your assets if you use an IVA than if you, for example, become bankrupt. What you want to happen in terms of your assets is something you should also discuss with an Insolvency Practitioner if you’re considering an IVA.
What an IVA gives you is basically a more manageable way to pay back your debts. Stories of people having their debts ‘written off’ are often exaggerated but in some cases creditors will indeed write part of the debts off when you go for an IVA. Often an IVA will mean that your debts are effectively frozen and stop accruing interest for the duration of the agreement. This should give you a much better chance of actually managing to pay the debts off within a stated time frame and get yourself into better financial shape in the future.
An IVA is a useful debt solution to avoid bankruptcy, and if the agreement is sensibly drawn up and met by all parties, it can be a great way to get on top of your financial troubles. However, it’s best to get sound advice from an expert before taking any decisions.
Fill in the form below if you would like to find out if an IVA is your best option. We will also run through any other debt solutions that are suitable for your situation, so that you can make an informed decision on what your best way is to address your problem debts.