Having a lot of debt hanging over your head can be a serious burden and one that weighs on your shoulders and makes life a lot less enjoyable. It’s hard to think about anything other than debt when you are in such a situation, as everything you do seems to be dictated by your debt. You can’t take a holiday, buy new things or even stop working for a single day, lest the debts swallow you whole.
It’s a terrible state of affairs to be in, but luckily, we specialize in helping people out of such situations.
You might be surprised to discover, but there are actually ways to get debt written off. And no, we’re not referring to any drastic loopholes. Rather, we’re talking about a legitimate, effective, statutory debt solution known as an IVA. We are experts at helping people obtain IVAs and we negotiate deals that are good for you and your pocket.
What is an IVA?
An IVA is an Individual Voluntary Agreement that involves a licensed insolvency specialist negotiating with your creditors to find a solution to your debt. Typically, your finances will be assessed and the expert will figure out how much you can afford to pay each month. The expert then speaks to the people you owe money to so that a mutually beneficial arrangement can be established.
The minimum monthly payments are usually around £90, which can be significantly lower than what heavily indebted people currently pay each month. The arrangements last around 5 or 6 years and are designed to get you completely out of debt by the end of the agreement.
IVAs can save you from going bankrupt and are a much more desirable option for most people. They do have an impact on your credit score, but they at least provide a way to fix your credit score in the long run.
Benefits of an IVA
Here are some of the main benefits of an IVA:
Lower outgoings: Without an IVA, you may be paying huge monthly sums to your creditors, plus interest. With an IVA, you stand to get the vast majority of your debt written off and you can spread your remaining debt over several years, making a single, manageable payment each month.
Consolidate debts: Knowing all of your debts are in one place being progressively dealt with, you can stop worrying about having your debts spread out all over the place. This can be a great weight off your shoulders.
Freeze interest rates: One major benefit of an IVA is the fact that your creditors will freeze your interest rates as soon as your IVA begins. As long as you manage your IVA properly, these interest rates will remain frozen so that your debt only decreases and never increases.
Get up to 90% of debt written off: This is beneficial for obvious reasons. The main draw of IVAs is the fact that you can get a tremendous portion of your debt entirely scrapped.
