How thousands of Brits are writing off up to 85% of debts after learning about unknown Government legislation, an IVA.
IVAs at a glance:
- Requesting an IVA is available to anyone in the UK with over £5k in debt.
- An IVA (Individual Voluntary Arrangement) is a piece of government legislation designed to help you get out of debt.
- Your debt is consolidated, and payments are designed so that you can afford to make them each month (while also paying for your living expenses).
- Up to 90% of your debt can be completely written off.
- You need to speak to an IVA Expert (e.g. National Debt Help to get started and they will guide you through the process.
- In Scotland it’s referred to as a Trust Deed.
Just ask anyone who has begun to dread the daily post: ‘debt’ is a four-letter word. Not only can it take up all of your earnings and leave you short on rent, food and leisure each month, it carries potential legal consequences that could severely impact your quality of life (and even land you in jail).
Finding yourself in a sizeable amount of debt can be a stressful and even frightening experience. It is not uncommon to feel anxious, depression and suffer from sleep loss when you are worrying about how you are going to regain control. Thankfully, Government legislation in the UK means that you can say goodbye to your debt. In fact, people in your situation all across the UK are getting out of debt by taking advantage of an IVA.
Finding yourself in a sizeable amount of debt can be a stressful and even frightening experience. It is not uncommon to feel anxious, depression and suffer from sleep loss when you are worrying about how you are going to regain control. Thankfully, Government legislation in the UK means that you can say goodbye to your debt. In fact, people in your situation all across the UK are getting out of debt by taking advantage of an IVA.
If you are no longer able to manage your debts and you can’t make your monthly payments, you need to look into an IVA as soon as possible.
What is an IVA?
IVA stands for “Individual Voluntary Arrangement.” This is a piece of Government legislation that can help you write off some of your debt, reduce your payments and protect your assets like your home.
With the help of an IVA Expert, you enter into a voluntary agreement with your debtors. This means you can pay an amount you can afford each month, usually over 60 months. Once the IVA is complete any outstanding debt will be completely written off.
Imagine making one payment that you can afford each month, and having it erase your debt completely within 5 or 6 years. How good would it feel to stop worrying as you lay awake, tossing and turning and wondering how you are going to pay the bills or put food on the table?
Who is eligible for an IVA?
In order to be eligible for an IVA, you must be able to demonstrate the following:
- That you are more than £5000 in debt (this cannot include maintenance arrears, student loans or court fines).
- You can’t pay off this debt in a reasonable amount of time (i.e. your debts are more than your assets).
- That you have at least £100 of spare income left over each month after you pay your living costs (so that you can pay the monthly payments).
- You will not apply for more than £500 worth of credit during the IVA credit term, and only with the approval of your IVA supervisor.
A note of caution
Remember – an IVA should not be your first solution to mounting debt. It is always a better idea to spend wisely from the outset and live within your means, keeping your debts manageable. That said, for some people extenuating circumstances leave even the most fiscally responsible individuals with crushing debt.
Even with all of these factors taken into account, an IVA may still be the best option to help you get out of debt and get back to living an enjoyable life. What are you waiting for? Look into an IVA and see if it’s the best option for your situation.
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