For some, an IVA is just too scary to contemplate. It’s a big step of admitting that we can’t manage our debts any longer and we need help. And handing over control of our finances is daunting.  Talk of insolvency, equity release, annual reviews and the like create a mild sense of panic.

Then there are the horror stories that we read about where things have gone wrong and the debtor wishes they had never started the wretched IVA. Hasty decisions, incomplete advice and uncertain futures can all lead to regrets.

But then other options can be problematic too. Doing nothing is often the very worst option. Bankruptcy may be severer still and an informal repayment plan may be too vague with creditors not having to freeze interest or accept the plan. At least an IVA can provide some certainty and a definite end point.

It can take courage to go for an IVA and is often the most responsible route a debtor can go down. To offer to repay whatever is possible for 5 years or more is really the best that anyone can do.


So – yes careful thought and consideration of all options is necessary. But don’t rule out an IVA simply because it sounds scary. For many it is a lifeline to a much brighter future.