Individual Voluntary Arrangements are, first and foremost, a way to clear debts that you can no longer manage the payments for. If your debt situation is out of control and bankruptcy is becoming a possibility, then an IVA may help.
The end result of an IVA, if successful, is that you can ultimately work on improving your credit rating and secure further borrowing if you choose. However the purpose of an IVA is definitely not to give you the ability to get further borrowing, but rather to deal with the borrowing that you currently have.
If you are struggling with debt and can’t get further borrowing, your best first course of action is necessarily to deal with the debts you’re having trouble with. If your credit rating is such that you’re being refused credit, the chances are you have other problems with money that really need dealt with. Getting further borrowing can seem like an easy answer to debt troubles, but in most cases this just adds to your problems.
There are a number of options when it comes to dealing with debts you’re struggling to keep on top of. IVAs are really only for cases where the situation is so serious that bankruptcy is looming. For other cases there are numerous other debt management options.
Speaking to professional debt management experts is the way to go if you don’t know what to do next. Debt mediation services can help if you’re having trouble dealing with your creditors. Getting the right help and advice can make a huge difference in getting your finances in hand.
If you feel your debts are no longer in control, it’s advisable to speak to someone sooner rather than later. The quicker you act the more options you are likely to have.
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