An IVA as a way to get out of debt could be a suitable option for a way out of debt if those debts total over 15,000 and you owe this money to at least 3 different creditors. You would also need to be able to pay back at least 200 a month and this amount of money would be split by your debt specialist between your creditors. The debts would have to be unsecured so this could include such as a personal loan, store cards or home shopping debts.

If you are considering an IVA, it is essential that you take iva help and this can be done online. It is important to bear in mind that an IVA is a legally bounding contract that you would be entering into. Therefore, it is essential that you do get advice before rushing into this. You would have to be able to continue meeting the agreed sum of money over the term of the IVA and providing you do so your debts will be cleared upon reaching the term of the IVA.

If you owe less money and an IVA is not suitable then you could consider a debt management plan as a way of paying off your unsecured debts of over 5,000.