IVAs! You either love 'em or you hate them. Personally I think they are a very generous arrangement that have been taken advantage of. IVA help and advice is available to any one who is over £15,000 in debt and who are having trouble repaying the money.

This seems pretty obvious to me, I assume that any one with debts over £15,000 is going to have trouble repaying said monies! This is reiterated by the fact that IVAs are becoming the fastest growing debt solution around with official figures seeing a 40% rise in IVAs taken out this year alone. More people are in debt, more people cannot afford to pay said debts of so more and more and more people are opting for IVAs. This is a dangerous cycle that we should all sit up and pay attention too!

Why? I hear you ask, well that is all well and good that IVAs can help you rearrange your financial situation but it doesn't solve the problem of why you got into debt in the first place! It doesn't chastise the attitude that got you into so much debt in the first place.

An IVA (Individual Voluntary Arrangement) was originally to help those who had no way out! But with recent calls for IVAs to be set up for people with debts as low as £7500 to me it seems like the seriousness of such an arrangement has diminished!

IVA help and advice should be sought if you are even vaguely thinking about getting one! Please remember however that this IS a serious agreement and it is no way near as simple as the adverts on the T.V make it look! You must know where you went wrong and be able to change your attitude towards borrowing and repayment if an IVA is going to work for you! As if one continues to harbour negative attitudes towards money, after a year of finishing your 5 year IVA plan you could find yourself looking for more debt solutions but this time without the so called “get out clause” of an IVA!