Is an IVA Right for Me?

On February 24, 2012, in News, by Lewis Alexander

Have you found yourself wondering “Is an IVA right for me?”

  • free credit report UK from ExperianIs an IVA right for me?
  • This is a question we get asked regularly by clients who are not sure which route would be the best for them to clear their personal debts.

Quite often people find it difficult to decide between an (Individual Voluntary Arrangement) IVA or Bankruptcy and an IVA or DMP (Debt Management Plan).

There are a number of simple questions (above and beyond the financial statement) that need asking to identify if an IVA would be right for you or which solution any particular client would be most suited to. Examples follow but are not limited to;

  • Is the client a home owner with equity?
  • Is the client in full time employment?
  • Does the client have a stable job?
  • How old is the client?
  • Is the client self employed?
  • Where does the client live? –  For example, England, Scotland, Wales or Northern Ireland.
  • Is the client committed to clearing their financial problems!

If you find yourself asking “is an IVA is right for me” you must not yet have spoken with anyone who can explain the benefits and pitfalls or pros and cons of an IVA to you based on your current circumstances.

  •  If you had you would not be asking yourself “Is an IVA right for me?”

You could spend all day deciding “is an IVA right for me” or which route to take or which debt solution would be best suited to you, however, after speaking with professional debt advice services you may find the answer sooner than you expect.

If you do not seek the personal tailored debt advice regarding an IVA being right for you, a bad decision could be made.

Should you wish to speak with a personal finance consultant,

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