If you are thinking about an IVA, one of the most important things you need to do is to be open and honest with your IVA provider. You absolutely need to lay all your financial cards on the table – be open about how much money you owe, how much money you earn and how much money you can realistically pay back every month, according to the terms of your IVA.
If you are a student, an IVA is possibly the best way out of a mountain of debt that you cannot repay. If you have just graduated, you may well be at the start of your working career – and already be saddled with huge debts that you cannot afford to pay back, especially on a starting salary.
House repossession can be stopped with an IVA (Individual Voluntary Arrangement). Usually those in debt, start finding it difficult to keep up their mortgage repayments and fall into arrears.
What you need to know
What goes on?
Advice on remaining debt free
