Do you feel that you are losing control of what you have borrowed over the years? It’s easy to lose sight of debt, as we all tend to take on credit cards, store cards and unsecured loans. The problem occurs when, through no fault of your own, you find that your circumstances have changed, and you can no longer afford to keep up the repayments. Perhaps you have been made redundant, or had to take a lower-paying job, and you now face many demands on your finances that are greater than before.
The stress and anxiety brought about by growing debt can not only be worrying, but can also lead to illness. The effects on your family life and your ability to work to your full capacity can be problematic, and things begin to spiral out of control. One of the problems that many people in this situation find is they don’t know who to turn to for help: the answer is to talk to an Insolvency Practitioner (IP), who is a licensed provider of insolvency solutions, and ask them about entering into an Individual Voluntary Agreement (IVA). Don’t be put off by the confusing terms, here’s what it’s all about.
An IVA is a legally binding agreement, determined between you and your IP, to pay a fixed monthly fee, rather than trying to keep up with the many you are being asked to pay. This will be a lower figure than that you currently pay, and will be agreed after your IP has looked carefully at your income and outgoings, and decided upon a figure that you can reasonably afford. During the term of your IVA – which will usually be five years – your payment will go to the IP, who will then distribute it between your creditors. All interest, and any fees, will be frozen, and at the end of the agreed term, any balances remaining will be written off.
You can get information on IVA help from Creditfix, a licensed IP offering a range of services and solutions and with many satisfied customers. They will be more than happy to discuss your situation and help you find the best solution, so you can do away with the stress and strain of constant demands. Also, once you enter into the IVA, your creditors deal only with the IP, and cannot contact you directly.
There are other options – declaring bankruptcy is one – but an IVA is the easiest and most effective method of getting your debts paid off and bringing some order back into your life. As a legally binding agreement, you have the guarantee that your debt will be administered carefully and correctly, and by people who understand what is required, so you can look forward to a debt-free life once the agreement has run its course.
If you think you need help with debt control, we recommend you get in touch with Creditfix now, and one of their team will be more than happy to answer any questions you may have.