IVA advice: a financial action plan

Last Modified 16th of February 2021

There are thousands of people in the UK currently living out a very lonely existence because of debt, but that experience can be further exaggerated if the debt is kept secret from loved ones.  If you are rushing to the letterbox to intercept post or jumping on the phone every time it rings, it can make for a very stressful time.

IVA: A financial action plan

There are ways out of secret debt and while the best approach is to tell your spouse or partner, you can also prepare them for the truth by looking into a plan of action. An IVA for example could be the best way to help you through this difficult time if you are finding it hard to pay your creditors.  In fact, if you are finding repayments hard to meet you will find it harder and harder to conceal the truth from those closest to you.

Get your debts out in the open

The good news is that many people have faced up to their responsibilities by sitting down with their loved ones and laying their cards (and credit cards) on the table.  Where they expected shouting and screaming, there is very often love and support, and perhaps a little disappointment.  The truth is that a good relationship is built up on trust, and while you may have betrayed the trust of your partner you have owned up and agreed to do something about the situation.  By presenting your debt in the open, but also giving your partner details of an IVA or similar debt management plan, you are letting them know that you already have a solution to the problem.

An IVA can be a positive impact

It’s easy to find out more about an IVA and whether this type of solution is the best option for you.  More and more people are reaching out to IVA companies in a bid to avoid spiraling further into debt or facing bankruptcy.  There is no shame in problem debt as long as you are willing to do something about it to make a positive impact on your life.  Nobody became debt free by burying their head in the sand or ignoring the demand letters that continued to pour through their door.

An IVA can give you the best of both worlds.  It can keep your creditors from your door and also help you to achieve a better financial position. Whether you choose to tell your partner or not, an IVA can give you more relief than taking out further credit or ignoring the harassment you will continue to receive from those you owe money to.  Honesty is always the best policy however, and being honest about your debts allows you a clean slate in both your personal and financial life.