Despite the many the many success stories – lessons learned, vows of no further credit, rebuilt credit files and mortgage applications accepted – there are some who are not so fortunate. With the best will in the world, even with great discipline – we simply don’t have enough income to be able to save. We’re part of the JAM generation (just about managing). Not only is saving anything out of the question – but we’re living close to the financial edge, and one thing going wrong – and we’re facing stark choices again.

We’re pleased for those who sail off into the post-IVA sunset with a mixture of self-satisfaction and future hope – but for us it remains a massive struggle to cope with growing children or reduced hours or simply rising costs. And of course for some, the inevitable happens – we find ourselves in debt again. Not many people enter into an IVA on the back of a wild spending spree. We may have made some bad choices in our younger years, but it’s not wanton recklessness that has led us to the IVA path – its either a growing realisation that over time we have gradually seen debt payments increase to the point that they are now simply unaffordable, or it’s a specific event such as job loss, illness or break up of a relationship that has been the trigger for our debt issue. Often – we are simply the victim of circumstances.

And tough though this may be, there’s no saying that we couldn’t be such a victim once again. And though we know the anguish of debt problems – sometimes not taking credit has even worse consequences. We’re caught between the devil of debt and the deep blue sea of no money.

So the question is sometimes asked - can I go for an IVA a second time? And the answer is yes – there is nothing stopping someone applying again.  However the investigation by the Insolvency Practitioner may well be more thorough looking at the reasons for the debt and what has gone wrong for the situation to recur. And again all options have to be looked at. An IVA may have been the right solution first time round – and our knee-jerk reaction is to go for it again, but with a changing set of circumstances, the debtor will need to understand all options again before making their decision.