If you have unsecured debts of at least 5,000 and owe this money to at least three different creditors and you have a regular income coming into the home then you could consider taking an IVA as a means of becoming debt free. If you are considering taking an IVA you could write debt off after a period of time which would be agreed at the time of taking out the agreement.

Of course if you are considering an IVA then you need all the IVA help and advice that you can get. It is not something that should be rushed into lightly as there are other ways of breaking free of debt and these would have to be considered before you choose what could be the best way to break free once and for all of your unsecured debts.

You could work with an insolvency practitioner when taking an IVA who would get your creditors to agree to the proposal and then you pay the practitioner one sum of money each month which is divided amongst your creditors. As long as you stick with the proposal by the time the IVA had reached its term you would have paid off your debt.