Posts Tagged ‘debt management’

Common Queries Regarding IVA Debt Help

Following on from our first article on the most commonly asked questions about Individual Voluntary Arrangement or IVA Debt Help, here we have provided you with another selection to give you a little more information. You should definitely consider using these arrangements if you are struggling with the amount that you are paying each month.

Is everyone able to use these arrangements?

Different companies can have different requirements in regards to the minimum level of debt required. As a broad rule though, if you meet this level and can meet monthly payments of around £200 then you should be eligible.

Will my current credit situation be affected?

You will not be allowed to use any credit or store cards throughout the durations of your agreement although you can still use pre-paid cards during this time. You can usually still take out a mortgage whilst in an agreement but you should always seek advice before doing so.

Do all of my creditors need to agree?

Under the terms of these arrangements if less than a quarter of your creditors disapprove then it does not matter as they will be bound by the majority agreement. If there are not enough of your creditors that agree then you may have to turn to bankruptcy although you can come to revised arrangements in the hope that they will then agree.

What costs will I have to pay?

When the company you go to calculate how much you can afford to pay each month they will include their own fees in this figure. This means that you will still be paying the single amount each month and will not be hit with any further bills in the future.

Remember, if you need any further advice or have any more questions to do with IVA debt help then it is important that you speak with a professional. These solutions can be an extremely effective way of getting yourself out of a financial hole but you should ensure that you do full research before you enter any agreement.

Debt Management Story

Have you got a debt problem? Is your level of debt starting to get you down? Are you constantly finding yourself stressing about money and about how much you owe? If you have answered yes to one or more of these questions then I can understand, to some extent, how you are feeling. I am a person who has just managed to eradicate a debt problem which had caused me many a sleepless night. In the following parapgraphs I will be describing about the ways in which I went about doing this.

Now before I continue I would like to make it clear that I do not work in the field of debt management; I am employed by a HP distributor and I also offer a mobile workforce management service. I have previously sold welding equipment. As stated before in the opening paragraph of this article I am just relaying my own personal debt experiences.

I have to admit that I went through a rather foolish stage in my life around ten years ago. I would like to make the excuse that it was some sort of mid-life crisis however I was only in my early twenties. I basically spent money like it was going out of fashion; I was the life and soul of the party and was seen as very generous – even a bit flash some would no doubt say.

By the age of 25 I was over £20,000 in debt to a number of credit card companies. I had now met the love of my life and before long she fell pregnant. The baby was born and the partying had to stop – I now had responsibilities. This debt was hanging over my head however like to ton weight.

In the end I wrote to each of the companies that I owed money to and I arranged an affordable repayment plan; I gave them a copy of my bank statements showing what money was coming in and out on a monthly basis. After some time the companies agreed to accept my offer as I suppose in their eyes it was better than nothing. The interest on the debts was frozen and I tore all of the credit cards up. It has been a long journey but I am pleased to report that I have now paid off all of these horrible debts.