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IVA and secured debt

Individual Voluntary Arrangements are intended specifically to be used for unsecured borrowing. These types of borrowing include credit card debts and unsecured loans, but do not include borrowing that is secured against an asset, such as a mortgage or secured loan.

If you have debts that you feel you can no longer manage, and are at risk of becoming bankrupt, there may be a number of things you can do to alleviate the situation. The first thing you need to do is speak to us at National Debt relief or another professional debt expert, such as an Insolvency Practitioner, as soon as possible. The sooner you get good advice, the more options you are likely to find you have.

If you have multiple different types of debt, including both secured and unsecured borrowing, then there is a chance that you may be able to use an IVA as part of a range of methods to get your debts under control. For example, an IVA is sometimes used to lighten the burden on individuals from their unsecured borrowing, leaving a little breathing space that can help to get the other borrowing in hand.

When you find yourself struggling with debt, it can start to seem like you have fewer and fewer choices, but you may in fact be pleasantly surprised by the options that are now available to people in such situations. An IP will be able to take a good thorough look at your finances, taking into account not only your debts, but also your assets, income and general outgoings. They will then be able to advise you about what measures may help to get things sorted, with any luck avoiding bankruptcy.

IVAs are only useful in certain circumstances, but if your debt situation is causing you trouble, the best way forward is to get trustworthy advice from a professional. Call us now to get help with your debts

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Fees and key info

We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan. Click here to read our fees and key info Please note: From time to time we may refer you to other services providers or charities such as the CAB.

Money Advice Service

You can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. Click here for more information.