IVA's are available to anyone who owes more than 15
,000 pounds worth of debt. It is also required of you to complete the 5 year contract of payments, as unlike debt management plans, an IVA is a legally binding contract. There are also a few negative drawbacks that should be considered before you enter into a program. For example, you will inherit a bad credit score. This might make it hard for you to take out a loan or remortgage your property. To find out more about IVA programs, you can speak to a debt management expert for free by calling the national advice bureau.