In some serious cases of over indebtedness, they can be a sensible option, but far too many people are using this option when there are better ways of dealing with debt.
If you Google ‘IVA’ you come up with several pages of paid adverts by firms offering advice, promising the earth and claiming to be part of a ‘government scheme’ offering a quick win. Beware, as these firms are chasing profit, not your best interest.
The consequences of choosing an IVA can haunt you for years. Always take advice from a reputable not for profit organisation such as Citizens Advice. More information is available on the Your Money page of our website.