subject: Could An Iva Help With My Debt? [print this page] If you have managed to get into a situation where you have various debts which have developed into an amount you simply cannot repay in a reasonable timeframe, there are a few options you could take. You could declare yourself bankrupt, which would let the banks know you are financially incapable of repaying your debt and would force them to leave you alone, however this is a complete write off for your credit, you will find it almost impossible to ever get a credit card, mortgage or even a mobile phone contract ever again.
You may have accumulated debt through unregulated credit card usage or fallen behind mortgage and other secured loan payments because of sudden unemployment or illness. Regardless of what your reasons may be, however, your main focus should be on how to successfully repay the amount that you owe at present.
If, that is, I keep my dunderhead tendencies under control. My wife and I first met at a Guardian-sponsored music festival many years ago. I should not be surprised she spotted my "anonymous" debtor's diary; even though the sub-editor tweaked her name she was 90% sure it was me.
Unfortunately, even with being granted the best IVA they could possibly have, many credit consumers lose sight of their priorities and continue to rack up more debt each month. Bankruptcy, instead of being avoided, then becomes the only option to take. It is easy to overlook the fact that while there may be IVA specialists that can help you get approval for a good repayment plan, falling behind on your responsibility, as scheduled, is nobody's fault but yours.
The main benefit of an IVA is that it will not damage your credit rating as much as bankruptcies, depending on your circumstances you may still have a clean slate as many people resort to IVAs after losing a job and taking one for less pay. This represents a change of circumstances beyond your control and motivation to repay, as each agreement is individual, this will be taken into consideration if you ever apply for a loan again.
by: Tom Doerr
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