Debt free IVA

Getting debt free with an IVA is something many consumers in the UK are doing and if you're in serious debt then you should consider it.

Serious debt that requires an IVA is debt of around £15,000 or more. If you have debts of significantly less than that and a debt management company is still trying to push you towards an IVA then make sure you consider the alternatives first.

Even though an IVA has excellent benefits compared with bankruptcy it does still put a serious black mark against your financial name. It is after all still an insolvency and if you ever want to borrow money again for any purpose then you're far more likely to be turned down.

An IVA can make you debt free though, so if you see no way out of your severe debt problems then certainly look into getting one. The IVA process can be a long one so be prepared to wait while your application is processed and approved.

In a nutshell what you can expect from an IVA is this. For starters, if agreed the people you owe your money to will slice off a massive amount of the debt (sometimes up to 75%). In return you make 60 monthly repayments of a set amount. After this period has ended, you're debt free and can start again. It's a relatively simple process and can eliminate huge amounts of personal debt, hence why the IVA is such a popular debt management tool.

It's important they you're aware though, that when an IVA is agreed, the people who set up the arrangement get a large portion of the money. This is why debt management companies are so adament that the IVA is untouchable, because it directly benefits them.

However, an IVA can be incredibly beneficial so don't hesitate to enter into one if it's the best thing for your financial outlook. Just make sure you do your own working out before making any crucial decisions though or look for more impartial advice.

We have lots of information regarding the IVA and other methods that can get you debt free in no time. We can also divert you to a number of really useful services for managing debt.