Miss E, 27, had just found easy credit too attractive. She built up £76,000 of credit card debt and had no way to repay it. She could have gone bankrupt and her creditors would have got nothing (she had no assets). Instead she chose a ClearDebt IVA.
Her creditors will get back just over 60% of what they are owed, Miss E pays more than £600 less every month. True, an IVA means her credit record is less than perfect - but it's nowhere near as black as it would have been had she done nothing - or opted for bankruptcy. She might pay a little more, but there's a good chance some lenders would even offer her a mortgage - even whilst she is in the IVA.
Individual Voluntary Arrangements (What is an IVA) aren't always the easiest solution - but the easiest solutions are often more damaging to your financial future.
To find out if an IVA could help you, take ClearDebt's short online debt test by clicking below: