UK consumers experiencing serious debt problems and considering taking on an IVA need to sit down and review their situation before approaching professional debt management companies.
Many experts are in agreement that the best way to go about fixing severe debt is to start by looking at what you can do yourself. The second that you approach a debt management company, you'll never be too far away from getting an IVA.
Despite the IVA being an accepted procedure that can help erase massive debts, consumers should only enter into an arrangement if it's their best course of action.
Critics have slammed debt help companies that persuade consumers to take on an IVA when they could pursue other courses of action. Some say that in many cases, people can pick up the phone and make arrangements with creditors themselves and avoid diving into an insolvency.
Whichever view you take on it, it seems that the best way to find a suitable debt solution is to review your own finances, do your own research and if you're still miles away from the answer, get in touch with the professionals.