What can I do instead of an IVA?

There are several options you can consider if you are unable to qualify for an Individual Voluntary Arrangement (IVA) or if you are not comfortable with the terms of an IVA. Some alternatives to an IVA include:

  1. Debt consolidation: This involves taking out a loan to pay off your debts, which can simplify your finances by reducing the number of creditors you owe.
  2. Debt management plan: A debt management plan is a repayment plan that you negotiate with your creditors. It allows you to pay off your debts over an extended period of time, and can be a good option if you are unable to make the required payments under an IVA.
  3. Bankruptcy: Bankruptcy is a legal process that can provide relief from overwhelming debt. It can be a good option if you are unable to pay off your debts and do not qualify for an IVA.
  4. Debt Relief Order: A Debt Relief Order (DRO) is a form of bankruptcy that is available to individuals with low levels of income and assets. It can be a good option if you are unable to pay off your debts and do not qualify for an IVA or bankruptcy.

It is a good idea to speak with a financial professional or an attorney if you are considering your options for dealing with overwhelming debt and are not sure which option is right for you. They can review your specific situation and help you determine the best course of action.