Life isn't easy when you're worried about your job security and worried about your debts. A lot of people in this situation will be wondering what they could do if the worst comes to the worst and they end up unemployed. How would I manage my debt payments? What would I do if I couldn't? Could an IVA help me if I lost my job?
Unfortunately, an IVA (Individual Voluntary Arrangement) is extremely unlikely to be the answer in a case like this. Most IVAs require the person to make regular monthly payments all the way through - in most cases, that would mean for five years. Someone who's lost their job would be unlikely to be able to commit to that.
If their salary had dropped, however, an IVA might help. If they've had to take a pay-cut, or seen their overtime / bonus fall, an IVA might be able to help if they can't keep up with their debt payments anymore. Or if they lost their job but found another one quickly - but at a lower salary - an IVA might be the best way for them to tackle their debt problems.
Just remember that an IVA isn't an easy way out of debt. Those monthly payments aren't the only thing to take into consideration. There's also the impact on their credit rating (an IVA is a form of insolvency) and the fact that they might have to release equity from any property they own so they can pay more to their unsecured lenders.
A lot of people who've run into serious financial problems and aren't able to commit to making monthly payments might be better off thinking about entering bankruptcy or a DRO (Debt Relief Order). It isn't easy to figure out which one is the most appropriate, so it's vital they talk to a professional before they commit themselves to any particular approach - or rule anything out.