For most people, being in extreme debt is stressful and embarrassing. It's worth remembering that, in many cases, your debt is the result of circumstances beyond your control. People who have managed their money perfectly well for years find themselves in difficulty because of job loss, divorce or bereavement – and an IVA could be the solution you're looking for.

How an IVA can help

An IVA or Individual Voluntary Arrangement can help you to clear your debts without losing all of your assets. If you are having serious financial problems, it could be the best solution you can find. It's particularly worth considering an IVA if you think that there's a real possibility that you will be declared bankrupt, or that your home is under the threat of repossession. That's because it's the solution that gives you the most control. Here's how an IVA differs from other debt management solutions:

• No more loans – unlike a debt consolidation loan, you don't have to take any loans out when you apply for an IVA. There's no interest to pay and no additional loan will need to be registered on your credit record.

• Keep your home – depending on the level of debt you have, and the amount of money that comes in to your household each month, and IVA can prevent your home from being taken away from you. An administrator can choose to use income and other assets rather than selling your home to cover your debts.

• A better credit record – bankruptcy and repossession leave a black mark on your credit record and you may find it difficult or even impossible to get another loan or mortgage. When you choose an IVA, your credit record will reflect that you chose a solution that lets you pay off your creditors. Whilst an IVA will remain on your credit record for many years, it is usually a better option to have recorded than bankruptcy.

• Retain control – bankruptcy removes all the control you have over your money, your property and your assets. Whilst an IVA must be arranged through an insolvency specialist, you will not lose control of your bank accounts or your other assets to the same degree.

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.