Get Rid Of Debts With A Better Alternative Called Iva!

By Author: Sadhana Dhanyal
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Debt problems are faced by almost everyone. At any given point of time, one faces these problems in their life. If you know how to manage these problems, then there is no need to worry. However, if the problem has got out of hand and you are struggling to lead a normal financial time, then it is high time you sought help.

You must try out every possible measure that can help you overcome the problem. In this regard, debt consolidation is one such way. You need to make sure you consolidate higher paying debts into one single loan. This can help you reduce the debt burden significantly.

With a single account, you can keep rack of your small finances and make a small payment with less rate of interest towards your debt with the help of consolidation debt. As smaller loans are now made one, your rate of interest gradually reduces down. Your creditors will no more trouble you with their threatening calls and court proceedings against you will stop. By the end of the month, you can relax as you make a single payment and not miss out on it.

If this is not helping you out, you can seek help in the form ...
... of an IVA.

An increasing number of people are choosing to opt for IVA. You can use an IVA (Individual Voluntary Arrangement) as a solution for your debt problems. It is the perfect alternative to bankruptcy. If you are in serious debt and struggling to make payments, an IVA can come in handy.

There are many benefits of opting for an IVA:

Usually lasts five years
Put an end to harassing calls of creditors
Reduce your monthly payments to a considerable extent
Your interest will be frozen
No stigma attached to bankruptcy
Your financial position will be stable, it will not be affected
An IVA remains a private matter. It will not be disclosed to anyone.
Security of knowing your debt solution is legally binding
Unlike bankruptcy, you won't risk losing assets, such as your house

There is a huge difference between bankruptcy and IVA. What happens in bankruptcy is that all assets are held by the trustee, including your savings and insurance policies. They are shared between creditors on a pro-rata basis. However, what happens in an IVA is that your IP can negotiate which assets are included in the agreement.

Sadhana Dhanyal,content developer. For more information: Payday Loans Today


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