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Debt Advice - Using An IVA To Get Out of Debt

Credit cards are one of the main reasons people find themselves deep in debt. They use credit cards to make purchases they could not afford to make with cash and when it comes time to pay back the credit card debt there is a lot of interest to pay as well. If you find yourself in debt because of credit cards or other types of unsecured borrowing, there may be a way out without having to file bankruptcy. With the right debt advice an IVA may be suggested as the way forward. Getting debt advice will tell you whether or not an IVA is the right answer for you. There is also debt management and bankruptcy which can be considered as alternatives, but the best option for you will depend on your exact financial situation.

What Is An IVA?

In case you were not sure what an IVA is, it stands for Individual Voluntary Arrangement and is only available in the UK. It is an agreement that is made between you and your creditors to pay them back a percentage of what you actually owe. This is a formal agreement that when in place becomes legal and binding. You must hire an insolvency practitioner to act as a go between for you and your creditors. The insolvency practitioner will have you fill out papers giving your financial information. He will then set up a meeting with your creditors. If creditors for 75% of the money owed agree to the IVA it can be set up. If 75% do not agree to the repayment terms then you have a couple of choices. You can try again with a new payment amount or you can get debt advice to see if you should file for bankruptcy.

An Individual Voluntary Arrangement takes about five years to finish. At the end of the five years you will be considered debt free. Sometimes if you have property or a home you may be made to refinance to use the equity to pay back some of your loans. This will usually happen the last year of payments.

You may not need an IVA to get clear of debt however. By getting debt advice about IVAs, debt management and bankruptcy you can decide which method will work best for you. However, it is not just a matter of choice, it is about which option fits your situation. You cannot use a debt management plan if you do not have enough income coming in to meet the payments. If you cannot afford to contribute a reasonable amount towards paying your debts, your only options are an IVA or bankruptcy.

A debt management plan allows you to pay back your credit card bills with a lower interest than was originally set. Many times you can get late fees waived as well. By lowering the interest your payments will be reduced, making it easier for you to pay the bills. If you use a debt management company to work things out with your creditors make sure they are a legitimate company who really wants to help you. There are plenty of good companies out there but there are also debt management companies who will take your money and leave you in a worse position than you were in to start with.

For a list of reputable debt management companies in the UK and US see the main Debt Companies page of this site.

Sometimes you are not in a position to make payments to credit card companies or you cannot afford the payments that are scheduled in an IVA. If you get sick or injured and can no longer work, how do you pay? Times like this means you may have to file for bankruptcy. You will want to get debt advice from a qualified bankruptcy attorney before you file. They know all of the laws that pertain to your situation. They will be able to get you the best deal on paying on a bankruptcy.

There is a chance that you will be able to keep your home in a bankruptcy. A bankruptcy will stay on your credit for about ten years. That is ten years of having bad credit. Chances are you will not be able to get anything on credit for a very long time. It can spoil your chances of getting a new home or purchasing a vehicle. In this day and age it is difficult to live without a little bit of credit. Save bankruptcy for a last resort.

Your credit is affected for about five years with an IVA. This is considerably better than a bankruptcy. The possibility of your creditors agreeing to the IVA is good. They will accept a lower payment amount than take the chance of getting nothing in a bankruptcy. Getting debt advice, IVA, debt management, and bankruptcy is a wise move.

If you think an IVA may be for you, complete the online form below and an advisor will be in touch to help you.

Apply For UK Debt Help Now

Complete This Simple Online Form For A Free Review By An Advisor From Our Recommended Debt Company, 123 Debt Solutions

Just submit the form and an advisor will get straight back to you

You Can Use This Form To Apply For Debt Management Plans, Debt Consolidation Loans,
IVAs or Trust Deeds

Whatever the nature of your debt problem, it is worth checking to see which solution could work for you.

Please Only Submit If You Are A UK Resident

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.