Being in debt is a mental struggle that just doesn’t seem to end. But the IVA debt write off process could offer some light at the end of the dark debt tunnel.
If you are caught in debt and you are scratching your head for a decent way out of this situation, then know that you are not alone. There are so many people in the United Kingdom who are burdened by debt. They begin every morning with a debt cloud hanging ominously over their head.
No amount of sunshine can part this debt cloud and make them smile honestly. What do they do now? What do you do when you feel hopeless about your debt?
You should immediately take the following steps to get debt help.
Call Citizens Advice – 0808 800 9060
Call debt charity StepChange – 0800 138 1111
Call the National Debtline – 0808 808 4000
Call the Debt Advice Foundation – 0800 043 4050
You can even find good information about Debt Management Plans (DMP) and Individual Voluntary Arrangements (IVA) on the Money Advice Service website and on the government website.
IVA Debt Write Off May Solve Your Debt Problem
IVA can be tailored to your unique debt circumstances. According to the IVA debt management process, you may get 85% of your debt written off. You can then regain financial control and begin to live a stress-free life again.
What happens is that once you enter an IVA, you repay a percentage of your unsecured debt to your creditors. This repayment is done in affordable monthly payments in a time duration that usually extends over a 5-6 year period. Whatever debt remains after this duration gets written off.
Sounds nice and simple, isn’t it?
There are specific terms and conditions that you need to be aware of when you opt for the IVA debt management option.
How does an IVA Process Work?
Before an IVA debt write off solution is agreed, a proposal goes out to your creditors. If those creditors agree to the IVA then you take the next steps. As part of these steps, you’ll make monthly payments towards the IVA for 60 or 72 months.
If you need to know whether an IVA is right for you, then better get in touch with a trusted debt adviser who can explain the details to you. You can even get free, impartial debt advice online.
More from Debt
Cost of Living: IVA Debt Repayments Could Get Reduced
IVA debt repayments may get reduced for those UK residents who are on an IVA as extra help to cope …
DWP Debts: How to Repay My Debt DWP
In this article, we will learn more in detail about DWP debts and help you by satisfactorily answering the question …
The Top Ways to Help With Debt in the UK Today
We will look at some of the best ways to help with debt in the UK in the due course …
Leave a Reply