An IVA (Individual Voluntary Arrangement) is a debt solution that’s already given thousands of people the satisfaction of becoming debt free. It allows people with large debts to make smaller monthly payments over a fixed period (usually five years) and - if completed successfully – can even write off a portion of your debt.

How do so many people get through an IVA and get out of debt successfully? The key is changing your lifestyle. During an IVA you need to live modestly and keep to a budget in order to make your monthly payments.

When your proposal is being drafted, all of your expenses are taken into account in order to find out how much of your debt you can realistically afford to pay back to your creditors, and how much money you’ll have to live on each month. After that, it’s up to you to stick to your IVA payments and say in control.

You may have to sacrifice some extravagances whilst in your IVA, learn how to shop around for cheaper prices and go without things like an overseas holiday or a new mobile phone.

Forward planning for big events like Christmas will help you stick to your IVA payments, keeping in mind you won’t have a credit card to charge your purchase on.

The internet is full of websites on how to be frugal and save money and get out of debt, as well as online IVA forums to discuss life in an IVA with others in the same boat. It could be the extra support you need.