Christmas is just behind us, the sales are in full swing and summer holidays are being advertised on the television. What do the three have in common? Spending cash!
Everyone enjoys splashing the cash once in a while, but in the current economic climate the vast majority of people are having a difficult enough time making ends meet, let alone finding extra cash for holidays, celebrations and bargains.
The pressure is so immense to provide for our families all the treats that ‘other’ people seem able to afford, that many end up in financial difficulties. If this sounds familiar and if there appears to be no end in sight to personal debt problems, consider arranging an IVA to help put into place a solution to debt crisis.
What is an IVA?
An IVA is an agreement between the person in debt and their creditors. All unsecured debts are combined and a repayment scheme is arranged at an affordable monthly rate.
An IVA can last for up to five years, during which time all debts should be cleared.
The minimum debt level for a person to be eligible for an IVA is £10,000 and there is also no maximum debt level.
Repayments begin at £100 per month but will go up according to the amount of money owed to creditors.
An IVA is there for people who may find themselves on the brink of declaring bankruptcy but have assets such as a home or property to protect.
IVA stands for Individual Voluntary Arrangement, where a person makes arrangements with an IVA provider to pay off all their debts month by month with an agreed and affordable sum of money.
Being in debt causes all sorts of problems and can affect every aspect of life if not addressed. Use this New Year to get back on track financially and regain control over personal finances.. leading to a happier and stress free future.