How IVA debt help can address financial problems
For those with a significant amount of debt, IVA debt help is an ideal way in which to reduce and eventually clear some pressing financial concerns. IVA companies now help individuals avoid having to declare bankruptcy, reducing their overall debt into one affordable and manageable monthly repayment.
The acronym IVA stands for ‘Individual Voluntary Arrangement.’ IVA advisors are able to create a custom repayment package depending on an individual’s income and daily living expenses, making IVA advice very helpful for those with financial worries.
Not everyone is suitable for IVA debt help, and whilst debt may be causing considerable concern such a scheme is not to be undertaken lightly. As a means to avoid bankruptcy, these schemes are best suited for those who have debts rising above £12,000. Individuals have to have a regular household income to qualify for an IVA.
For those living in Scotland a similar alternative to bankruptcy exists, the protected trust deed, and this can be perfect for those who are struggling with monthly repayments.
Unlike taking out a loan to cover debts, IVA debt help is a legally binding contract that actually stops creditors from taking action against individuals to recover their money. Over a time period set by the IVA advice team, a manageable repayment sum will be determined, with any extra debt being written off at the end of the period. Leaving individuals completely debt free at the end of the process, IVA debt help is the ideal solution for those with considerable financial concerns that are worried about the future of their families and homes.
The Debt Advice Group has been created to help people in serious debt get good, honest, impartial advice. It is an organisation having iva specialist providing debt help and bankruptcy advice.
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