Are IVAs a good idea?

Deciding which way to deal with your debts can be really confusing without someone to guide you, so trying to establish which debt solution offers you the best way of becoming debt free is crucial.

There's no doubt about it, at some point you'll be asking yourself are IVAs a good idea?

Personal Circumstances

As with most debt solutions, the suitability of the IVA option will be determined by your personal circumstances and the way an IVA would impact on your daily life.

IVAs don't suit everyone and some people won't qualify for an IVA so, for these people, an IVA isn't an option.

For example, those people who have sufficient financial resources to repay their debts in full, perhaps by selling assets, would not qualify for an IVA.

But if you do qualify for an IVA, the chances are it could provide several advantages over other debt solutions.

An IVA protects

Because an IVA is a 'formal' debt solution, it can offer protection to the applicant not found in 'informal' debt solutions like Debt Management Plans.

So, if you have an asset that might be vulnerable to creditor legal action, such as equity in your home, an IVA will be a good idea.

An IVA stops your creditors from taking legal action against you and your assets, whilst giving you the opportunity to repay your debt at an affordable level without the threat of bankruptcy hanging over you.

Alternative to bankruptcy

An IVA provides a formal alternative to bankruptcy.

For people whose livelihood would be threatened by the bankruptcy process, such as accountants, lawyers, bankers, senior civil servants, police officers, prison officers and armed service personnel, an IVA is a good idea.

An IVA gives them the opportunity to repay their debts at an affordable level, whilst stopping bankruptcy action being taken against them.

Personal consultation

So, how can you establish whether an IVA is a good idea for you?

Well, you could spend time reading all about all the pros and cons of an IVA and researching the IVA subject for yourself.

Or, to protect your identity, you could join a forum. However, there's a huge variation in the standard of advice you'll receive, predominantly from strangers who may not have any understanding of IVAs.

Or you could simply ask IVA.info for an IVA consultation.

All our IVA consultations are free and confidential. We have the experience to fully inform you of how an IVA would impact on your personal circumstances, so that you can establish whether an IVA is a good idea for yourself.

Professional Advice

We'll help you to gain an understanding of how an IVA could work for you.

We'll explain the IVA process and all the possible pros and cons of an IVA when applied to your personal circumstances.

To speak to one of our advisers call 0800 088 7502 or complete this form and an adviser will call you at your preferred time.

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