There’s IVA advice and then there’s IVA advice
Individual Voluntary Arrangements (IVA) are an increasingly popular form of debt management. In fact the number of people choosing to go down the IVA path leapt a massive 20% in 2009, as those struggling with their debts opted to try and avoid full-blown bankruptcy and instead take advantage of the more flexible IVA route.
If you have run into financial problems and are finding that despite your best efforts the debts are starting to mount and it’s becoming ever more difficult to make ends meet, then perhaps an IVA is the way forward for you. The best way to know for sure is to take properly qualified and truly independent debt management advice.
There are certainly plenty of organisations out there offering help. A quick search just on Google will return a bewildering number of options. If you are seeking IVA advice or advice on the Scottish equivalent Protected Trust Deeds, then do take care that you are getting the best impartial guidance possible.
The sorts of things you should be looking at include whether you might be entitled to an IVA in the first place. As IVAs tend to be most appropriate to people in serious debt owing in excess of £15,000 and struggling to meet repayments, then it may be an unnecessary step for you to take. There are a variety of possible debt management solutions; debt consolidation for example might be a better option. It all depends on your particular circumstances, the amounts you owe, who you owe them to and your ability to come to a mutually acceptable payment arrangement and stick to it. You can only really get to the bottom of things by talking with impartial debt management experts.
If you do decide that an Individual Voluntary Arrangement is the best way forward then the obvious next questions are – who is the most suitable IVA provider? And how do you go about setting it up?
Again, what you really need is trained, experienced independent advice to guide you in the direction of the most appropriate debt solution from the most a reputable and reliable provider.
Don’t rush into things, take your time and make sure you get the advice you need.
The Debt Advice Trust has been created to help people in serious debt get good, honest, impartial advice. It is an organisation having debt management specialist providing iva advice and debt consolidation help.
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