Let’s face it – we could all do with some help financially. And if we are paying back significant amounts of money on debt repayments, then its very tempting to dwell on what else we could do with that money. Especially galling if we can see a lot of that hard-earned cash is simply lost on high interest charges. And then there are the rather enticing adverts claiming a pain free way to write off up to 75% of your debt. It’s a Government scheme we’re told – you can hardly fail to write off the majority of debt without any downsides! But it needs to be stressed – an IVA is not that simple and not that pain-free. An IVA is an insolvency solution designed for debtors who simply cannot afford to meet minimum repayments on debts. Give or take bankruptcy, it’s pretty much a last resort. So the question needs to be asked by the debtor (as it certainly will be asked by the creditors), can I actually afford to repay my debts. It may be that belt-tightening needs to take place. Or maximising our income. Maybe we could sell an asset, and if we have serious debt issues, even sell our property and downsize. Tempting though it may be, an IVA is not an instant fix. Other avenues need to be explored starting with an honest assessment of our finances. If we can only cope by taking out more credit all the time, fair enough – we need to consider our options. But if with a little more care and discipline, we can manage – then manage we should.