The IVA UK debt solution
The IVA UK debt solution
It's not uncommon these days to owe money. Most people in the UK, even the wealthiest, use some form of debt. From mortgages to credit cards to loans to overdrafts, you name it there are a thousand and one ways to borrow the money you need to get by and to do the things you want to do. Owing money is normal it's the way of the world.
When owing money isn't such a great idea though, is when you are struggling to make repayments on your debt. For a short while it might be possible to move money around and keep essential payments up by borrowing from elsewhere or extending loans. In the long run, unless you are very careful your debt will eventually catch up with you. Often, through no fault of your own, you might find yourself running out of options. Maybe you have been off work through poor health, perhaps you have lost valuable overtime or even been made redundant or suffered a change in domestic circumstances. Whatever the reason it's important to face up to your debts and the challenges in meeting them. One option you might want to consider is an Individual Voluntary Arrangement or IVA.
UK consumers with money problems have flocked to the IVA as a relatively clean and simple form of insolvency. Far less onerous and restrictive in many people's eyes than traditional bankruptcy, an IVA, referred to as a Protected Trust Deed or Scottish Trust Deed north of the border, establishes a set regular repayment over an agreed period (usually 60 months). Whilst bankruptcy can be cleared quicker than an IVA, UK consumers seem to prefer the fact that an IVA or Protected Trust Deed leaves them with less restrictions and stigma. For example, it does not prevent individuals from maintaining office or a company directorship, as is the case with bankruptcy. IVA help also means that creditors are unable to add to the agreed repayment amount or add interest.
Could an IVA help you? To find out make sure that you take professional advice on order to take a close look at the most suitable debt management solution.
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