Are you ready to sort out your finances? Are you fed up with the stress and strain that your debts are causing? Are you looking for a solution that will help to sort out your debts for good? There are a number of debt management solutions you can try, but if you want to avoid bankruptcy, keep hold of your home and have the time to sort your finances out properly, an IVA could be the right solution for you.

Debt management the IVA way

Debt management is all about regaining control of your money. Whether you're in serious debt because of continuous overspending, or you've suffered through losing your job, bereavement, a divorce or ill-health, you need to consider the debt management solutions available to you before it's too late. Don't ever try to ignore your financial difficulties – your lenders will keep hassling you for repayment and, if they really think they're not going to get their money any other way, they could apply for a bankruptcy order against you. This is the last thing you need, and you should do everything you can to avoid it. Your options are limited, but they include:

• An IVA – this is a formal agreement between you and your lenders. You agree to pay a monthly amount to each creditor for a period of five years. At the end of this period, provided you have kept up with all your payments, the remainder of your debt will be cleared. You need to contact a specialist insolvency provider for this debt management solution, but it is an excellent alternative to being declared bankrupt.

• Selling your home – if you are a homeowner, you could sell up to raise the cash you need. There's no guarantee that you'll sell quickly, however, and you could find that the interest charges mount up whilst your home is on the market – pushing you further into debt.

• Debt consolidation – this is the most common debt management solution, but it does mean that you're committing to yet another loan. Always check the small print before you commit, as some companies may have tough restrictions on when you can clear the loan, and how they calculate their interest rates.

• Bankruptcy – this should be avoided wherever possible. It really is the last resort when it comes to debt management. You will lose control of all your assets and income and your ability to get other loans, accounts or even some employment may be affected.

It's important that your debt management solution doesn't just help you to sort out your current finances, but gives you the time and confidence to plan for the future, making sure that you never get into such deep debt again.

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.