Can an IVA help with unmanageable debt?
Dealing with unmanageable debt can be extremely difficult - but there is help available. When you call a debt adviser to discuss ways of clearing your debts, one solution they may recommend is an IVA (Individual Voluntary Arrangement).
Does debt consolidation always mean a loan?
Often, when people refer to `debt consolidation`, they are talking specifically about just one debt solution: a debt consolidation loan. However, the phrase `debt consolidation` can also be used to mean any debt solution that combines multiple debt payments into one (a major advantage of this is that managing one monthly payment should be much easier than making several payments).
Help with debt management
There are a number of debt solutions, for people with all kinds of debts. Whether your debts are still manageable or completely out of control, there is help available.
Do I need to include all my credit cards on an IVA proposal?
If you`re considering entering into an IVA (Individual Voluntary Arrangement) and your Insolvency Practitioner (IP) agrees that it`s the right option for you, one of the first things you`ll need to do is work with your IP to draw up your IVA proposal.
Debt consolidation alternatives
A debt consolidation loan can enable borrowers to make their debts more manageable by reducing their outgoings and simplifying their finances. In short, it`s a new loan taken out to pay off existing debts, basically combining these debts so the borrower starts making one monthly payment instead of many.
Debt management plan: Do I need to contact my creditors?
If you`re struggling with unmanageable debts, you could find help in the form of a debt management plan.
Debt Freedom Day 2010
Have you heard of `Debt Freedom Day`? It`s an interesting (if frightening) idea: it`s the day of the year on which `the average person` will have earned enough to pay for the interest on their debts - to say nothing of actually reducing the debts themselves.
IVA: advantages and disadvantages
Whether or not an IVA is right for you will depend on your individual circumstances. An IVA is only suitable, in most cases, for people who cannot afford to repay their debts within a reasonable period of time, but can commit to regular payments.
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