Most of us these days have several different types of debt, all of which make us more likely to find ourselves in a situation where we can no longer manage them. There are a number of measures that can help people who are struggling with debt, and IVAs are only one of them.
IVAs are designed to be used for unsecured debt, such as credit cards and loans that are not secured against any assets. Common consumer debts are therefore the main types that IVAs are intended for.
If you’re struggling with secured debt such as mortgages or secured loans, an IVA may therefore not be the right option for you. However, if you have both secured and unsecured debt, you may want to consider using an IVA, or another measure, for the unsecured debt. This may take the pressure off from your secured debt, and allow you to get on top of the situation as a whole.
The best way to work out which measures are both applicable to and likely to help you, is of course to speak to a professional. If you are at the stage where you cannot manage your debt payments any longer, you should speak to an Insolvency Practitioner.
An IP will look at all of your debts, and advise you as to what options will help both secured and unsecured debts. IVAs are pretty flexible, and although they are not strictly intended for secured debts, your IP may be able to come up with a plan that includes an IVA along with other measures to get you in the clear.
If you have multiple debts of different types, it is likely that a number of different measures may need to be used to get things under control. Getting expert guidance guarantees you access to the measures that are best placed to help you.