An Individual Voluntary Agreement (IVA) is a great option for many people who are finding that debt is becoming unmanageable. When you choose an IVA you will be nominating somebody else to act as your representative and they will negotiate with the creditor. You will also have an interim order issued which protects you from any legal action by the creditor. If your IVA is approved you will only need to pay back a monthly sum that you can afford and you won’t need to pay any further interest. You should also end up paying back quite a bit less than what you owe.

The reasons to choose an IVA are very convincing so long as you are willing to pay back the agreed upon rate. This should be an affordable amount that takes into account your income; it should certainly be quite a bit less than what you may currently be expected to pay. You may struggle to get credit after an IVA because this will be on your credit history, but for most people this will be a small price to pay if they can escape their current debt problems. If you owe a lot of money and you don’t know what to do then you probably should consider this option.