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There are numerous methods of consolidating and eliminating debts. You might choose to get a secured loan to pay off all existing debts, you can make a debt management plan and stick to it and as a last solution you can file for bankruptcy. There is one other method, which is less radical than bankruptcy and helps you pay off the majority of your debts without losing your property and majorly damage your credit rating; this method is IVA or Individual Voluntary Arrangement with your creditors.

An Individual Voluntary Arrangement is a legal procedure, a contact between you and your creditors. This contract will enable you to cut down on your debts and manage to clear them over a fixed period. IVA is having lots of benefits, unlike other debt consolidation methods you might even get a fresh mortgage while you are in an IVA, you will not lose your job, your home and your credit rating will not suffer. Furthermore an IVA is private, so no one will know about it apart from your creditors and yourself.

Based on your budget, you are able to make one manageable monthly payment instead of 3 or more for a time period varying between 3 and 5 years. An IVA can write off up to 75% of your existing debts and after the prescribed time period the remaining debts will be consolidated letting you start a debt free life. When we are talking about IVAs we have to mention both, pros and cons. IVA is the best debt solution if you owe significant unsecured debts to numerous creditors and you are unable to meet your monthly payments while you are having a stabile income.

IVA is having various pros. Unlike in the case of bankruptcy, with an Individual Voluntary Arrangement there will be no restrictions, so you can protect your career. With IVA you will e legally protected from creditor harassments, you will not have to suffer financial consequences, because at the end of the IVA your unpaid debts will be paid off, no interests will be on your debts. You can have the safety and make plans for debts fee future in time, because you know exactly when you will become debt free.

Near these benefits there are some cons connected to IVA, like you cannot take further credit during this period of time, you would pay more through IVA than through bankruptcy, if you do not stick to this legal agreement you might be made bankrupt and it requires great commitment.