Which solution is right for you depends on a whole range of factors, such as:

• how much you owe
• whether you have anything to offer to your creditors each month after essential living costs
• whether you own any assets, such as your home, that you wish to protect
• where you live (Scotland for example has different insolvency legislation to England and Wales, which means different debt solutions are applicable)
• what you do for a living (some professional bodies have rules prohibiting membership if you are an undischarged Bankrupt)

Assuming that your creditors agree to your IVA proposal (which you’ll need an Insolvency Practitioner to put together for you), the main advantages of an IVA are:

• any assets you own, such as your home, are legally protected (although you may be required to remortgage to release some equity at the end of the IVA term, which is generally 5 years)
• interest and charges are stopped
• your creditors are prevented from taking further enforcement action against you, such as petitioning for you bankruptcy
• any debt you haven’t paid back at the conclusion of the IVA will be written off

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA or need further help with your IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you and on whether you qualify. Click here to find out more.

An IVA is a good choice as a debt solution as it is not as severe as other forms of Insolvency and tends to be less restrictive. An IVA can offer protection against your home which may otherwise be lost in Bankruptcy.

It may be a good idea to seek further money advice, see the homepage for 'Leading Debt Advisors' offering free advice.

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