Many UK residents are looking for debt solutions, particularly in the light of the recent coronavirus pandemic and the unforeseen impact this may have on the British economy.
Debt solutions range from bankruptcy to debt management plans, including the IVA for people who have more than £5,000 of debt, and debt consolidation loans for people who have good credit ratings.
Before committing to a debt solution, it can be necessary to consider the pros and cons, and the strengths and weaknesses of whichever debt solution you are thinking of committing to, on this page we will consider the advantages and disadvantages of the IVA.
For a comprehensive guide on the ‘IVA pros and cons’ then visit this page for more information, for a summary keep reading.
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In summary, it is important that the IVA is taken seriously and personal circumstances are assessed before the plan can begin, it is important the person in debt thinks carefully about the commitments involved, to find out more about this speak to a debt advisor for help in determining if this is a good solution for you.
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