For those having financial problems some IVA advice from a financial professional may be your best option to avoid crisis. If you are having trouble making payments to your creditors, chances are you are in the midst of some financial problems that are helping you on your way to financial crisis.

When debt starts to mount, a lot of people feel like they just have nowhere to turn, and as a result they may begin to ignore their debt; this is the wrong way to go about solving a financial crisis. If this is your situation you could benefit from getting some IVA advice.

If you owe at least £15,000, an IVA may be your best choice. An IVA, which is also known as an Individual Voluntary Arrangement, is a program that will help you to arrange your debts so that you are only paying one affordable payment each month, instead of paying several payments to a number of different creditors. The IVA will allow you to pay this payment over a period of time, which is most often 5 years.

When seeking IVA advice you will find that this may only be an appropriate solution to those owing at least £15,000, if your debt is below that you will have another choice available to you. With debt management you can still put all of your debts into one payment, but it is not a formal arrangement like an IVA. With this program, a debt management professional will work with your creditors and get them to agree to a reduced payment so that you can pay down your debt to a manageable level.

If you don’t understand the process of an IVA, it is even more important that you get IVA advice. The whole process will be explained to you from beginning to end. You’ll discover whom the payments go to and how they are distributed to your creditors. In most cases the representative that is handling your case will take your money and after dividing it up, will then deposit it into separate accounts for each creditor.

As long as you are making your payments on time, you will not have anything to worry about, your representative will handle everything for you.

When getting IVA advice, the professional that you talk with will analyze your financial situation and let you know what all of your options are, including ways to avoid IVA or bankruptcy. If you do have to go with an IVA, they can help you every step of the way.

If you are having financial difficulty, you don’t have to go through it alone, seek IVA advice from a professional that can help you find solutions.