IVA Solutions is your answer to getting out of debt permanently and quickly.
In this article I will explain and give you 4 major reasons why an IVA could possible be the best solution for you to wipe all your debts off in 60 months or less.
1) IVA could wipe up to 75% of your Debt
IVA is short for Individual Voluntary Agreement; it is a government scheme which allows people who are struggling with paying off there creditors to re-arrange privately through a insolvency practitioner a amount of money which they can afford to pay off; the rest of the debt will be wipe off after 60 months.
For example using my own scenario I had £29,000 of debt and its calculated I would pay around £15,000 off my debt by the end of the 60 months and the £14,000 would be wipe off, and then my slate is clean.
The variation between how much is wipe off is determine by your personnel circumstances, I know a few people who had up to 70& to 75% of the debt wipe off and had double the amount of debt than I.
2)IVA is a private matter unlike Bankruptcy
IVA is a real solution to paying off your debt unlike bankruptcy, where it is more to do with avoiding paying your debts off.
Now IVA as I said is a private matter between you and your creditor and once you agree on a amount you can afford to pay monthly well that’s it, until you pay you last 60 month payment and then you can rebuild your credit score.
With bankruptcy, you name will be highlighted in the local papers, there is social stigma attach to being bankrupt plus you will not be allowed to do certain jobs like being a company director.
3)You be able to get credit
IVA solutions is idea especially if you want to rebuild your credit score again, unlike bankruptcy which will most likely put you blacklisted for life regarding credit, IVA will let you rebuild your credit score after the 60 months, and many banks from my experience see people who have successfully completed IVA more attractive in to accepting mortgages as they have proven they can repay their debt off.
4)You be out of debt in 60 months
60 months is not a long time that’s five years , so for me I knew in 5 years I would of paid off my £29,000 debt , compare this to debt management companies that just freezes your interest or lowers the interest you still need to pay the whole of your debt off, a debt management company that I enquired calculated it would of took me 10 to 15 years to pay my debts off.
Conclusion
Its a no brainer for me I took the IVA route 54 months ago , yes 4 and half years ago , and you know what in 6 months I will be totally debt free.
Matthew Lee Ng is a qualified Career Advisor and a Christian Mentor. His passion is to help people in every sphere of their lives and the money thing is one of them, check his free article in how to reduce debt quickly at: http://hubpages.com/hub/how-to-reduce-debt-quickly
Leave a Reply