Among the British adults and teens, being in debt
and struggling to achieve a financial balance has become an increasingly common
problem. Such a situation is indeed stressful and can put you in a tight state
of mind when you know not what to do. Depending on the total amount of debt
that you owe and your personal repayment ability, getting control on your
finances might become quite of a challenge. Borrowing another loan in order to
repay the first one would become a fighting-fire-with-fire approach towards
repaying debt. This is when IVA comes in as an easy option with regards to
dealing with unaffordable level of debt.
and struggling to achieve a financial balance has become an increasingly common
problem. Such a situation is indeed stressful and can put you in a tight state
of mind when you know not what to do. Depending on the total amount of debt
that you owe and your personal repayment ability, getting control on your
finances might become quite of a challenge. Borrowing another loan in order to
repay the first one would become a fighting-fire-with-fire approach towards
repaying debt. This is when IVA comes in as an easy option with regards to
dealing with unaffordable level of debt.
A
list of the ways in which IVA may help you
Signing up with an IVA (Individual
Voluntary Agreement) has helped millions of people get back
on track, especially those who had given up hope on regaining control on their
finances. Here are some ways in which it can help you out.
Voluntary Agreement) has helped millions of people get back
on track, especially those who had given up hope on regaining control on their
finances. Here are some ways in which it can help you out.
ü Combine
multiple payments into one single payment
multiple payments into one single payment
ü Make
monthly payments more affordable in accordance with your income
monthly payments more affordable in accordance with your income
ü Freeze
all interest rates and other finance charges
all interest rates and other finance charges
ü Prevent
creditors from pressurizing you into making payments
creditors from pressurizing you into making payments
ü Wipe
off up to 85% of your total debt, that too legally
off up to 85% of your total debt, that too legally
ü Become
free from the shackles of debt in about 5 years
free from the shackles of debt in about 5 years
How
does an IVA work?
does an IVA work?
A legally binding agreement between you and your
creditors is called IVA. This is done in the form of a contractual agreement as
it allows you to repay affordable and smaller amounts towards the total debt
amount and become debt free in around 5 years. If you can keep up with the
terms and conditions of the IVA, you can repay the total debt in the
aforementioned time period. When your IVA is accepted by your creditors, they
don’t have the right to pressurize you in collecting money that you owe.
creditors is called IVA. This is done in the form of a contractual agreement as
it allows you to repay affordable and smaller amounts towards the total debt
amount and become debt free in around 5 years. If you can keep up with the
terms and conditions of the IVA, you can repay the total debt in the
aforementioned time period. When your IVA is accepted by your creditors, they
don’t have the right to pressurize you in collecting money that you owe.
When
are you eligible for an IVA?
are you eligible for an IVA?
Do you feel that your debts are taking control over
your life and you’re getting unnecessarily stressed with your financial
obligations? If answered yes, entering an IVA is perhaps the best solution for
you. For total debt amount that is up to £12,000 and more than that, you can sign up with an IVA.
However there are certain criteria that you have to abide by in order to enter
an IVA. You need to owe debt to at least 2 creditors and you also require being
insolvent to be eligible. Insolvency is when your debt surpasses all your
assets in value and when you can’t pay off your debt when it becomes
delinquent.
your life and you’re getting unnecessarily stressed with your financial
obligations? If answered yes, entering an IVA is perhaps the best solution for
you. For total debt amount that is up to £12,000 and more than that, you can sign up with an IVA.
However there are certain criteria that you have to abide by in order to enter
an IVA. You need to owe debt to at least 2 creditors and you also require being
insolvent to be eligible. Insolvency is when your debt surpasses all your
assets in value and when you can’t pay off your debt when it becomes
delinquent.
Yes, it is absolutely tough to deal with your
harassing creditors when you start defaulting on your loans. But with the
Individual Voluntary Agreement that you arrange with your creditors, it is
easily possible to get back on track. If you’re in doubt, get help of a
financial advisor who can guide you through the right path. For more
information on this debt repayment program, you may visit iva-advice.co
harassing creditors when you start defaulting on your loans. But with the
Individual Voluntary Agreement that you arrange with your creditors, it is
easily possible to get back on track. If you’re in doubt, get help of a
financial advisor who can guide you through the right path. For more
information on this debt repayment program, you may visit iva-advice.co