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IVA : Is An IVA Better Than A Consolidation Loan ?
If you have a serious debt problem, and are looking at your available options, the chances are you have looked into getting a consolidation loan.
But there are some situations where an Individual Voluntary Arrangement (IVA) would be a more suitable solution.
An Individual Voluntary Arrangement (IVA) has many of the financial benefits of a consolidation loan.
An Individual Voluntary Arrangement (IVA) will allow you to reduce your monthly payments towards your debts.
An Individual Voluntary Arrangement (IVA) will also consolidate all your debt repayments into one easy to manage, and affordable, monthly payment.
But an Individual Voluntary Arrangement (IVA) will also allow you to repay all of your debts within a 5 year period. If your debts are not full repaid after the Individual Voluntary Arrangement (IVA) has been successfully completed, your creditors are obliged to write of the remaining balance, therefore leaving you debt free, guaranteed.
So if you are considering taking out a consolidation loan, which will only allow you to clear a portion of your unsecured debts, it maybe that you would be better advised to consider an Individual Voluntary Arrangement (IVA) instead.
After all, your decision as to whether an Individual Voluntary Arrangement (IVA) will be your preferred solution over a consolidation loan needs to be based on all the facts on both choices.
There are quite strict conditions that must be met before someone can apply for an Individual Voluntary Arrangement (IVA), read this article to see if you qualify.
Or alternatively call My IVA Adviser anytime on our freephone number 0800 088 7503 to have a chat with one of our Individual Voluntary Arrangement specialists.