I suspect the answer to your question is there is no real easy way to get away from debts if you cannot afford to pay them back. Given the choice of all options, many people prefer the dignity of repaying more to their creditors over a longer period, or the fact that they are demontrating to their creditors best effort over a realistic time period. Others do not like the idea of being bankrupt and the involuntary publicity that goes with this procedure.
Whilst most people would be financially better off by declaring bankruptcy, it may not fit their moral or social sense of responisibility, and this is where the IVA fits into the process.
Most people already in IVAs will understand the implications of credit checking by prospective landlords if the need to move arises, as this will have been explained to them by their IP prior to them entering into the arrangement - I hope!
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
See customer feedback at: