Everyone may unfortunately have times in their life when they need to borrow money (how many of us can buy a house without taking out a mortgage, for example?). However, it is all too tempting to get into a lot of debt for things that you don’t actually need. When you are in debt your stress levels can skyrocket, pursuing and IVA or debt consolidation program are complications most people could do without. With all this in mind, here are some tips for helping you to avoid unnecessary debt that can pile up very quickly.

Getting married can easily cost well over £10,000 these days. The reception, church, bridal gown, along with all the other costs involved, build up rapidly. Jewellery for bride, groom and bridesmaids can cost more than many people can afford. This is especially true with the large amount of current economic problems and people’s fears of redundancy, increasing debt, etc. It’s necessary to cut back where possible. However, there are savings to be made.

If you are struggling to pay bills and keep up with payments due to redundancy, illness or any other reason and are behind of creditor repayments, applying for an Individual Voluntary Arrangement may be a solution to those problems.

With an IVA, you can freeze existing debts and prevent your creditors contacting you regarding an overdue balance. This will also put a hold to interest charges and fees which you would have continued to accrue on your debts. Furthermore this will also stop CCJ’s being added to your credit file and prevent bailiffs visiting your property for assets.