new iva debt solution
proven solution to clear your debts
Alternative to IVA
The question as to whether an Individual Voluntary Arrangement (IVA) is appropriate or not, is always a difficult one and has to be carefully considered, it needs to be balanced against many factors.
By the time someone is considering the possibility of an Individual Voluntary Arrangement (IVA) most alternatives will have been looked at.
What are my alternatives?
The list of alternatives depends on circumstances, and for this exercise I am going to assume that the necessary criteria to qualify for an IVA have been met.
Remortgage
A remortgage may be the best way of releasing money to offset debt. Check this link to see if there is enough releasable equity to consider an Individual Voluntary Arrangement.
Consolidation Loans
Consolidation loans are effective in reducing monthly payments by grouping several smaller debts with higher interest, together over a longer term. Check this link for a more detailed explanation on how a consolidation loan could help in your decision about an Individual Voluntary Arrangement (IVA).
Debt Management Plans
Debt Management Plans are useful if an Individual Voluntary Arrangement (IVA) is considered to be too formal. Debt Management Plans are informal agreements and are therefore more flexible. Visit this link to discover the Pros and Cons between an Individual Voluntary Arrangement (IVA) and a Debt Management Plan.
Bankruptcy
Bankruptcy is something anyone entering into an Individual Voluntary Arrangement (IVA) has to consider. In some circumstances a professional position or a contract of employment may prohibit a bankruptcy, leaving an Individual Voluntary Arrangement as the preferred choice. Follow this link to evaluate the differences between an Individual Voluntary Arrangement (IVA) and Bankruptcy and to read a more in depth article.
If you would like to talk to an experienced debt adviser then please fill in the Call Back Request form on the right.
Editors Note:
Once you take on an IVA you have some alternatives should your circumstances change. You may be elligible for an IVA payment break for example which will need to be organised through the Insolvency Practitioner.