In terms of Debt Management the key is how comfortable you are with the outcome of what will happen, based on the route you take or are advised to take.
IVA’s have been seen as a great way to “write of your debts”; this is not always the case. The benefit to IVA’s is that you will enter a legally binding agreement with your creditors which is fair to all parties. After a set term, any remaining debts are cleared. With IVA’s you must remember that when the word ”fair” is used, it’s fair for YOU and THE LENDER, debts are not normally written off at will. Obtaining credit in the future can also be hard, but not as hard as if you are made bankrupt! IVA’s are subject to acceptance with the creditors and, at the moment, some are not always “playing ball” with regards to accepting IVA propositions.
Also, Some lenders prefer that you go down controlled debt management, which is where they is no set legal agreement but more of an “unofficial” process to pay any debts back, this is again managed by a 3rd party. Many lenders prefere this, and accept a higher percentage of these, as less debt is being “written” off as they can play with the term etc.
Conmankiller, gives some good advice. The Citizens advice Bureau is also very good. We also have a section of our site dedicated to debt.
If I had to suggest one IVA/Debt company, it would be Debtmatters as they can handle IVA’s, Debt Management, Secured Loans and other lending options.
If you can ride you problems out that is always first choice, if not then help is always at hand….. Just don’t stray to far from Charities and The High Street.