Before you decide if you are going to go through with an IVA read these five essential tips first:

1. Read Up!
Read all our online information about IVAs and understand the full implications. You can talk to other people online in IVA forums, or read about peoples experiences to know what you’re getting into.

2. Investigate Alternatives
An IVA isn’t for everyone. Investigate the other options so you know that when you decide on an IVA it’s the most realistic and suitable choice, not only to your debt but to your lifestyle too.

3. Eligibility
Are you eligible for an IVA? Go through our checklist online and make sure your debt and lifestyle meets the requirements to get approval.

4. Counselling
Get debt counselling for an individual assessment. A professional can advise you if an IVA is the most suitable option for you. A good one to try is the Debt Advice Trust or Debt Free Direct.

5. Implications
Will you have to release some equity? Change your lifestyle? Sell your car for a cheaper one? Know how it’s going to affect your life before you sign the dotted line. Ask as many questions to debt counsellors and Insolvency Practitioner and get all your questions answered.