IVA: advantages and disadvantages
Whether or not an IVA is right for you will depend on your individual circumstances. An IVA is only suitable, in most cases, for people who cannot afford to repay their debts within a reasonable period of time, but can commit to regular payments.
Which debts can I include in a debt management plan?
In general, the answer to this is fairly simple: a debt management plan can directly cover non-priority debts (e.g. unsecured loans, credit cards, bill arrears, etc.), but it won`t cover your priority debts (e.g. mortgage, secured loans, etc.).
IVA requirements
There are a few essential criteria that you will need to meet before you can enter into an IVA. Click here to find out more.
Debt management - advantages and disadvantages
If you find that you can no longer afford your monthly debt repayments, deciding what to do about it can be difficult. There are a range of debt solutions on offer, designed to help people in various circumstances with varying levels of debt.
Are there different types of IVA?
An IVA can be arranged in a few different ways, depending on your situation.
Debt management - the basics
A debt management plan is an informal debt solution. It involves making reduced monthly payments, based on what you can afford, over a longer period of time than originally agreed. It may also be possible to reduce or freeze interest and other charges, which can prevent the debt from growing and can enable you to repay the debt in the shortest possible time.
Credit card balance transfers: a good idea?
There are a number of things you can do to manage your credit card debts, and a popular method is a `balance transfer`: transferring your existing credit card balance onto a new card.
The IVA process
If you decide to enter into an IVA, you will need to go through an application process. This begins with calling a debt adviser (or an Insolvency Practitioner - IP) to establish whether it is the right option for your circumstances.
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