With millions now on furlough the question is being asked, can an IVA still be for me? And the short answer is yes it might be. We may be receiving help from creditors or help with our mortgage or rent, so the debts and our finances are vaguely under control, but we are aware too that all too soon, repayments will kick in, and with or without the added complications of our furlough, we are in trouble.

And an IVA can take a little while to set up. Paperwork has to be gathered. So if we are on furlough, it may be a good time to at least inquire about our eligibility for an IVA or kick start the process.

Central to an IVA application is an analysis of income and outgoings. On furlough it may well be that income has significantly dropped, but it’s also possible that expenses have dropped too – travel to work, meals at work for example. Or if we are enjoying some mortgage relief then again savings are being made to compensate for lower income.

So to apply for an IVA whilst on furlough is likely to require two sets of income/outgoings analysis. During furlough and afterwards when the new normal means we are back to our pre-Covid level income. An IVA could start at one payment level and then change as circumstances change. The key advice as ever, is to find out more by talking to someone about your individual circumstances. All options need exploring so an informed course of action can be followed.