Debt Consolidation v IVA?

Why do people consolidate their debts or enter into IVAs (Individual Voluntary Arrangements)? People in debt may be looking for a debt solution that can reduce their monthly debt repayments and help them get out of debt at a rate they can afford. Debt consolidation loans and IVAs can both do this, but they’re very different debt solutions, suitable for people in very different situations. Neither is better or worse than the other – it’s a question of which is more suitable for the individual in debt. So, first of all, there’s the issue of eligibility. As a formal debt solution and a form of insolvency, IVAs are only available to people who genuinely can’t keep up with their repayments to their unsecured debts. Debt consolidation loans are, in theory, available to anyone – everyone has the right to take out a new loan that’s large enough to pay off their other unsecured debts. Second, there’s the total debt to consider. IVAs are normally only... Read more »

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