If you find that you are struggling and you qualify for an IVA, this is often your best choice. But it is a good idea that you research your options before you enter into any legally binding contract.

Below are some of your options, but for expert advice please contact us on our freephone number, 0800 0481 777.

IVA Alternatives

Alternatives to an IVA include:

• Trust Deed – An IVA is only open to residents of England, Wales and Northern Ireland. If you are a resident of Scotland then a Trust Deed is an IVA alternative.
• Debts Management – This is an alternative debt repayment plan to an IVA. It is not legally binding between you and you creditors and therefore offers you a flexible alternative to an IVA. It shows your creditors that you are committed to repaying your debt in full, therefore it will reduce the pressure applied by your creditors.
• Bankruptcy – Bankruptcy should only ever be considered when all other options have been exhausted. You will need to take professional advice from a Licensed Insolvency Practitioner.
• Secured Lending – This is when you consolidate your existing unsecured debt into one more affordable payment, which will be secured against your home. Never secure your unsecured debts on your home if you think you may struggle to make the repayments in the future, because you are putting your home at risk. Seek expert help to determine whether you can afford the repayments
• Unsecured Lending – If you have a poor credit rating then getting unsecured lending at a sensible interest rate is always going to difficult. What might be a better option is to reduce your payments on your outstanding debt, which is why you might want to consider debts management.

Terms & Conditions Apply. An IVA is for unsecured debts only, and should only be considered in extreme circumstances as failure to adhere to the IVA agreement could result in bankruptcy. Debt write off only applies when the IVA is agreed by your creditors and you have completed the, typically, 60 month term. Once your IVA commences, your monthly contribution is fixed and there are no additional fees on top. Our fees, paid by your creditors, are taken out of your monthly contributions to your IVA and will be notified to you in advance. Some homeowners may be required to remortgage.