If you're desperate to sort out unmanageable debt but don't know where to start, an IVA could be right for you. It can be hard not to panic when you finally dig your head out of the sand and face the harshness of the reality of debt. Huge debts can take on a life of their own where you feel that there's simply nothing you can do. But you can regain control with an IVA. An IVA will write off two-thirds of your debt; you will then draw up a repayment plan over several years so you can see the light at the end of the tunnel when you'll finally be debt free.

IVA – a viable alternative

But many people in massive debt fear that bankruptcy is their only option. And the stigma associated with bankruptcy can lead people to do desperate things. The recent high profile story of John Darwin, the missing canoeist is a case in point. Darwin apparently plotted his disappearance to escape debts said to be in the ‘tens of thousands'. It's hard to see how the price Darwin paid – losing his family life, estranging his two sons and letting those who loved him believe him to be dead – was worth any amount of money. But debt can lead people to do desperate things. In some cases, anxiety, depression, mental illness and even suicide are triggered by debt. But an IVA offers a debt management strategy that can help you regain control over your finances.

IVA demand set to soar

And the number of people turning to an IVA as a solution to their debts could increase. There are gloomy forecasts in the press as a result of the global credit crunch, with the Daily Telegraph saying four million people this Christmas are still paying off debts from last Christmas. Financial analysts are warning more people will be struggling with debt also in 2008 as fixed rate mortgage deals end and are exchanged for more expensive variable rates.

The devastation of badly managed debt

Mrs Darwin told the press about her husband's foiled attempt to escape his debts: "John said there was only one way out of the situation, and that was to fake his death. I pleaded with him not to do it, I said it was the wrong thing to do," she said. As a result of this extreme desperation and reaction to their debts, the Darwin couple not only face jail, but their two sons have said they want nothing more to do with their mother or father.

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management 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.