An individual voluntary arrangement is one of the ways that you could become free of debt which has built up by way of unsecured loans or credit cards. Indeed this option could be taken if you have debt through any form of unsecured borrowings. However before you rush into taking out an IVA you should contact a debt help specialist and get as much iva help as possible so you know if you are making the right choice.

There are other options that could help you to write debt off, for example you could take a consolidation loan or you might take a debt management plan. If you are considering an IVA then bear in mind that you would generally have to have debts of at least 15,000 and these would have to be unsecured debts so you would not be able to count a mortgage or secured loan. You should owe to at least three different lenders and have the ability to repay around 200 per month back. You would of course have to be in work to take an IVA. If this sounds like your situation then an IVA could be the solution for you to become debt free within a certain period of time.