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Consolidate your debts with an IVA

As the recession continues to embrace more and more of the UK population we are seeing more instances of financial distress than ever before. While many people continue to struggle paying off debts they cannot afford for fear of considering bankruptcy or IVAs, is there really no other option?

It would be wrong to suggest that IVAs are a simple alternative, for many people in financial trouble they are available for a reason and they are perfectly legal. In effect if you are struggling to repay your debts and can see no out of your predicament, and if you are successful with an IVA application, you could see your creditors write off up to 75% of your debt and put in place a payment schedule for the remaining amount.

Otherwise known as an independent voluntary arrangement this is, as it suggests, an arrangement between yourself and your creditors which is arranged by a professional solvency practitioner who will be able to put a plan in place for you. While your creditors will not write off your debts without good reason they also recognise that if you're unable to pay your outstanding debts then there's no point hounding you for money which you have not got.

For those who have serious financial problems and can see no way out in the short to medium term, IVAs could be a serious viable alternative.