All you need to do is follow the plan and you'll be able to put your problem debt behind you for good.

This guide features some top tips on how to cope once your IVA is up and running.

1. Learn to live on a budget

The last page of your IVA proposal is usually your budget, and it lists every item of your income and expenditure.

Budgeting is an art that's essential to the success of your IVA, so whether you've never put together a budget before, or haven't tried living on a budget without using credit; it's something that you need to master.

One of the secrets of good budgeting is to ensure you plan your finances as best as you can to cover annual expenses such as MOT costs or boiler servicing as well as your day to day living expenses.

Putting a set amount of money aside each month to cover big yearly expenses will always help to cut down on those nasty financial surprises.

2. Keep track of overtime and bonuses

When it comes to overtime and bonuses, the most important thing is to keep your Insolvency Practitioner (the supervisor of your IVA) informed should you get any extra money coming in.

An uplift in income may change how your IVA is managed, and keeping this information to yourself could be deemed a breach of your IVA which is a legally binding agreement.

It should only take your IP a few moments to work out how much extra you need to pay into your IVA, and remember - they shouldn't take all of your extra income.

3. Back away from extra credit

It can be to be tempting to take out extra credit to make things easier while you're living on a restricted income, but this is a huge no-no if you're on an IVA.

If extra credit has crossed your mind, it could indicate that your IVA needs looking at - in which case, you must alert your Insolvency Practitioner.

4. I'll get by with a little help from my friends

There's no need for you to go through your IVA alone. You can find a wealth of information and support here via our fantastic guides on how to save money and make your budget work its hardest for you.

5. Make use of your Insolvency Practitioner team

Setting up an IVA is no mean feat, and no one is expecting you to truck along with no advice or support. One of the things you're paying for on an IVA should be an available and trustworthy team of advisors who understand your situation and can give guidance whenever and however you need it.

You're paying for this support, so make use of it! Don't suffer in silence.

If you get a letter you're not sure of, have an unexpected expense, or simply need reassurance, your Insolvency Practitioner should be ready and willing to lend a hand.

If you'd like to know once and for all if an IVA is right for you, StepChange Debt Charity's anonymous advice tool Debt Remedy can provide an answer in just 20 minutes.