Individual Voluntary Agreements, more commonly known as IVAs, are popular choices for people who have gotten into debt. Debt is a sad reality of our life in the UK – however it does not have to be the end. Credit Action, a financial education charity, found that at the start of the New Year, Britons had over £55,000 worth of household debt if mortgages were included. Whether you took a personal loan out many years ago that you cannot pay back or there was a cash advance loan that needs to be sorted out, IVAs could be solution for you.
Iva Information is the perfect thing for you if you are considering taking out an IVA to sort out your financial future. Take a look at the benefits that IVAs could offer you:
-Flexibility: Getting lots of red letters with threatening language from bailiffs is something that no one should have to go through. An IVA is an agreement between you and your creditors so that they accept what you can afford to pay back, not necessarily what you cannot afford to pay. This flexibility is perfect for people who want to work on their own pace and not feel stressed by having to work overtime to pay off debts.
-Write offs: One of the most important aspects of IVAs is the fact that your debt can get written off in some cases depending on what the situation is. This is not a one size fits all approach – it completely depends on your personal situation. The more independent advice you read about how IVAs work out, the better you can decide for yourself whether you can get some of your debts written off.
-Peace of mind: Get plenty of peace of mind when you get an IVA agreement. The stress that hearing from your creditors can do to you can be extremely difficult to deal with. This is why IVAs are good because essentially the company that sorts out your IVA is a broker, and they will deal with your creditors directly to sort out any issues that arise from you getting an IVA.
Top tip: Look at the thresholds of debts to see whether you can qualify for an IVA.