One of the frequent questions, that you would find on any debt solutions forum or social media platform these days is about IVA and how to help get out of debt problems, especially the ones that are too complicated.
This just proves that you are not the only one! This also proves that there are solutions available for the kind of debt problems you find yourself in.
This should reduce some of your worries.
There are solutions to almost any kind of problems regarding debt and lending.
And now that you know this fact, let us get on further to resolve some of the common problems that people are facing in UK today.
Yes, there is a huge number of Britishers who are facing debt problems because they fail to take the right plans as suitable for them and even if they do take up a loan, suitable or unsuitable, they are not able to manage the debts properly.
And as a result, they are left in deep troubles.
But there are solutions to such situations as well.
For instance IVA, where you are given a voluntary arrangement.
In this voluntary arrangement, you are supposed to clear your credit in a guaranteed period of time, like 5 years, and during that you pay a monthly instalment which is comfortable to you.
During the time period of IVA, you are supposed to pay the monthly instalments on time.
After this term, any balance left over is automatically written off.
The interest and the charges on your borrowed money is frozen during IVA.
Your creditors and lenders are not allowed to contact you and you enter a legally binding repayment agreement with them.
This agreement is supervised by a licensed insolvency practitioner who takes care of the negotiation with your creditors and regularly reviews your circumstances.