Debt is a worry for both families and individuals. Whether you have racked up many credit card debts, or taken out loans that – thanks to a change in circumstances – you can no longer afford to meet the required payments on, you will certainly find the constant stream of demanding and sometimes threatening letters worrying. It can lead to anxiety, which in turn affects other aspects of your life including your ability to perform both your family duties and those at work, and may result in a spiralling anxiety that you lose control of very quickly.
There is a way to get your debts under control, and to eliminate the letters and demands that land on your doormat every day, and it’s called an IVA. IVA stands for Individual Voluntary Agreement, and you could find that entering into one means you can write off a good amount of the debt you have amassed. An IVA is a formal, legally binding insolvency solution, and one that is administered by a licensed Insolvency Practitioner (IP). It will mean you agree to make one monthly payment, usually across a period of five years, rather than having to manage many – which is where you can lose sight of things – and is handled by the IP for the duration.
Who Can Help?
You can find out more about IVA from Creditfix, one of the many IP’s who will be able to arrange for your agreement. They will help calculate how much you can sensibly afford to pay each month, by looking at your income and necessary outgoings, so you can keep up the payments required on your IVA. It is important that you make sure the figure agreed is one you can meet, as this could be the way forward for you to get your feet back on the ground.
Once you enter into an IVA, your creditors will deal with the IP – who will administer the payments across all your creditors – and can no longer contact you directly or take any further action. This will come as a great relief to you, as you no longer should worry about demanding letters landing at your door, and can relax in the knowledge you are making one safe payment a month. After the agreed period – usually five years – any outstanding balances will be written off, so you start again at square one.
Is an IVA for You?
There are many reasons why an IVA may be the way forward for you, and you really should talk to the professionals about the best step forward. Many satisfied customers have used the services on offer from Creditfix and now lead a stress-free life where credit is concerned, so it is certainly worth considering if you think things are getting out of hand.
Remember, you are not alone in having to cope with your debt problems as there are professionals who have the experience and knowledge to help, so talk to them now, and see how you can make your future brighter and debt-free, and save money with one lower monthly payment.