If you have over £15,000 in debts try considering an IVA. IVA’s, with exception to declaring yourself bankrupt, are the only legal way to completely eliminate your debt problems without having to pay all of it back. A hugely beneficial move to make for many people who find themselves owing vast sums of cash to creditors, as with all things in life caution must be taken. If you choose an IVA it must be right for your financial situate, and something you need to agree with and adhere to strictly.
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.
If you are struggling financially and are finding it hard to make repayments to creditors, pay for every day living and cannot find a way to help improve the situation, getting debt advice would be a very wise step to take. By speaking with a debt professional, they will advise you of what options are available in order to help improve your financial standing. Each person will have differing levels of debt and personal circumstances so each case will need to be looked at individually. Below we take a look at how you can start to look for debt advice.
What you need to know
What goes on?
Advice on remaining debt free
