When looking into how an IVA works, there are some features that do appear to be too good to be true, so it is understandable that some people are extremely cautious and even cynical when thinking about whether to proceed.
The simple answer to this question is, it depends. Applying for an IVA can be extremely worth while for some people and not worth it for others.
Only by assessing your financial situation and honestly considering how able you are to afford monthly payments, either those of your debt or those of an IVA, can you be sure of your suitabillity.
For some people, whilst tricky, their financial situation isn’t severe enough to warrant an IVA, a Debt Management Plan might be more fitting. However, for others, their circumstances may go the other way, where they owe too much and have too few assets to justify an IVA.
By speaking to a member of our team, you can find out whether your personal circumstances fit an IVA.