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For many people a high level of debt means that a debt management plan isn’t viable due to the term becoming excessive. One of the alternatives, which can result in a much shorter repayment term for some people than a DMP, is an IVA. “IVA” is the abbreviated term for an Individual Voluntary Arrangement.

An IVA is a formal personal insolvency, so it can be useful to seek out high quality advice and resources before committing yourself to the process or any particular IVA firm. This is no different to the situation with a debt management plan. In both areas there are firms providing excellent and less-than-perfect services.

In particular you’ll want to assess exactly what an IVA is and what your responsibilities will be if you proceed. When asking “what is an IVA” it makes sense to read widely around the subject in order to gain as full an understanding as possible.

One way to do this might be to visit an IVA forum such as the one provided by IVA.co.uk. On this IVA forum you’ll be able to access high quality advice from insolvency practitioners as well as receiving tips and support from the other IVA forum members. Many of these members will themselves have had experience of making the decisions that you are now facing.

Another useful tool when assessing whether an IVA or a debt management plan makes sense for you is to use a debt or IVA calculator. An IVA calculator should be able to help you to narrow down whether you qualify for an IVA and also whether other options are also suitable. It’s no substitute for direct professional advice, but it’s a good starting point.

Of course an IVA, or a debt management plan, is not the only available options to deal with debt. You may find that others options such as bankruptcy or a debt relief order are more in tune with your circumstances and needs.

Compared to a debt management plan though you may find that an IVA offers greater certainty about the point at which you will be debt-free. The guarantee that interest will stop during an IVA alongside legal protection from creditors are also bonuses connected to an IVA which a debt management plan cannot offer. However, an IVA is less flexible than a DMP and may have ramifications for some people in certain professions. Seeking high quality debt or IVA information and resources is therefore essential.

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