Did You Know About IVAs?

Did you know about IVAs?

These Individual Voluntary Arrangements, commonly called IVA, are becoming a popular way for residents of the UK to pay off their debts. The premise is that your creditors agree to let you pay a certain, agreed upon amount each month for perhaps five years. The payment is spread out to all the creditors. If there is any remaining balance at the end of the time period, it is written off and considered paid. There are protections put in place so that the creditors cannot call you once this process has begun.

This has become an increasingly popular way to pay off debt and avoid bankruptcy. Not all creditors will agree to a plan like this. If you need help paying off a collective debt of 15,000 pounds or more, it could be wise to see if an IVA could be right for you . It is good to know that there is now more than one way of tackling your debt problems .



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