More and more people are choosing an IVA (Individual Voluntary Arrangement) over other debt solutions, jumping at the opportunity to make smaller monthly payments and write off a portion of their debt. There’s more advantages than lower repayments and reducing your debt though, such as:

• Your creditors can no longer legally contact you
• You’ll avoid the stigma of bankruptcy
• As a legally binding agreement, you’re protected from further creditor action
• Your Interest fees and charges will be frozen
• You’ll only have to make one monthly payment
• You can improve your credit rating after you complete an IVA
• It doesn’t have any career restrictions
• IVA won’t be published in newspapers
• You stay in control of your assets
• You wont’ lose your house

Individual Voluntary Arrangements aren’t suitable for everyone though. It’s usually recommended for people with debts over £15,000. You’ll need to get professional debt advice before you go any further and contact a debt counselling service. The main advantage with any debt solution whether you choose an IVA or not is that you are headed toward a future without debt.