Where should I go for IVA advice?
In the current financial climate, more people than ever are aware of the alternatives to bankruptcy. Contrary to some people's belief, bankruptcy can actually be a good option for a lot of people, but there are a number of reasons why people prefer to consider the alternatives on offer.

One such alternative for dealing with unsecured debts is an IVA (Individual Voluntary Arrangement). This formal arrangement enables you to repay a portion of what you owe at a manageable pace, before the rest is written off on completion of the agreement.

Although awareness of IVAs has increased in recent years, many people who find themselves in a position where they should consider an IVA don't know where to turn.

Talk to a debt adviser about an IVA:
If you're struggling with unmanageable debts and you think an IVA could help you, you should contact a debt adviser to discuss the situation. Not just anyone qualifies for an IVA - you will have to demonstrate that your debts are completely unaffordable, and that you can commit to making monthly payments. Your debt adviser will help to establish whether or not you are eligible.

If you are, they can help you to arrange your IVA. They'll start you off by putting you in touch with a licensed Insolvency Practitioner, who takes care of the legal side of an IVA and negotiates with your creditors. If everything is approved, your IVA will begin and you will be on your way to becoming debt-free.

However, if you don't qualify for an IVA, your debt adviser can also recommend a more suitable option for your circumstances.

Bankruptcy can be a better option for some people - even people who might qualify for an IVA, in some cases. Another option is a Debt Relief Order (DRO) - an alternative to bankruptcy designed to help people on very low incomes.

The right solution for you will ultimately depend on your own circumstances. To establish exactly which solution is best for your circumstances, it's important that you talk to someone with plenty of experience helping people get out of debt.

Just remember that any form of insolvency will have a serious impact on your credit rating - and if you enter an IVA, you may have to release equity from your property if you're a homeowner.