Have you got way over your head in debt through spending on credit cards, store cards, home shopping catalogues or by borrowing on unsecured loans? If you have then you could look into taking on an IVA as a way of paying off your debts and becoming debt free. However when considering taking this option you need to ask for iva help as you would have to meet certain conditions if considering this as an option.

For instance you would generally have to owe out over 15,000 in unsecured debts and owe this money to at least three different creditors. You would also have to be able to pay back somewhere in the region of 200 so it is essential that you are earning a regular income. However if you have debts over this amount you could be paying a great deal more to several creditors and if so then an IVA could work out in your favour.

You would be able to write debt off by paying one lower monthly instalment to your debt advisor who would then distribute this among your creditors and if you stick with the plan you would have paid off your debts at the term of the agreement.