As the UK economy has been suffering of late, thousands of residents are experiencing problems with their debt repayments. Don’t worry if this applies to you because you’re certainly not alone. Issues with debt can be a major contributing factor towards poor mental health and increased stress levels, so getting something in place to deal with the collection firms as soon as possible should be a top priority. You might be surprised to learn that most debt companies will avoid going to court at all costs because they’ll end up with a far decreased sum even if they win, and this knowledge can be used to your advantage.
Though you might have never heard of it before, an IVA or individual voluntary agreement could be the perfect solution to all your money troubles. Basically, this sets in place new official terms under which you can pay back the money you owe. Usually the agreement will allow you to settle the debt over a much longer timespan than you might currently be expected to, and this will obviously help to ensure you don’t have to file for bankruptcy (which is something neither yourself or the debtor really wants).
Want to know more? Pay attention and I’ll do my best to answer any questions you may have…
Do I Definitely Qualify For An IVA?
In one word; yes! Anyone who currently owes money and is having trouble meeting repayment commitments can ask their creditors to consider an IVA, although you’ll want to employ the services of a specialist company to help facilitate the whole process. Whether you’re looking for firms that can assist you to create an individual voluntary arrangement in Cheadle, Stafford or any other UK town, the internet is the first place you should look. Just spend some time reading reviews and recommendations from other people if you want to ensure you opt for the best company available.
What Sort Of Time Period Are We Talking About?
It’s possible to obtain an arrangement for a 1 year plan if you are able to find a lump sum by remortgaging your home or selling some valuable possessions, but in most cases people opt to extend the repayments over 5 years. This will mean that as long as you manage to stick to your new commitments, in half a decade the weight of debt problems should be lifted from your shoulders.
What Do These Specialist IVA Firms Do Exactly?
Basically, most companies who specialise in this area will take control of the entire negotiation process for you. They’ll work out exactly what you owe and exactly what you can afford to pay, then it’s down to their haggling skills to get you through. Although they do generally add a small amount to your total debt as a commission for themselves, in most instances you won’t have to pay any money upfront.
We’ll, that’s about it from me today. It’s getting late and I need my sleep. Just remember that no debt situation is ever as bad as it seems at first, and there is always a solution just waiting to be discovered.