Thursday 6th September, 2007 

If you ask anyone who lives in England and Wales what is an IVA, half of them will not know. This is a worrying statistic if we consider the large number of those with a debt problem.

According to figures publish by moneysupermarket.com 49% of people do not know what an Individual Voluntary Arrangement , (IVA) is. The level of knowledge demonstrated about an IVA, revealed that more women (56%) than men (42%) were unsure about what an IVA was. However, the majority of those surveyed claimed that they would consider using an IVA if they had a debt problem and couldn't remedy the matter either through debt management or debt consolidation.

A moneysupermarket.com spokesman commented that an IVA may well be an ideal solution for those with extreme debt management problems. He urged those who have problems with managing their debt to get expert advice before entering into an IVA.

Although an IVA is a form of bankruptcy, there is less stigma attached to it. For those who are considering an IVA or Protected Trust Deed in Scotland, you should also look at the other debt solutions, debt consolidation and debt management which may help you avoid entering into an IVA or bankruptcy.

Debtwatchdog offers advice, tips and comfort to those needing help with their debt problems.