5 Signs an IVA Might Be the Right Solution for Your Debt Problems
Struggling with debt can feel overwhelming, but there are options available to help you regain control of your finances. An Individual Voluntary Arrangement (IVA) is a formal agreement that allows you to repay your debts in an affordable, structured way. For many UK citizens, it’s a lifeline to financial stability. But how do you know if an IVA is the right solution for you? Here are five signs to consider:
1. You’re Struggling to Make Monthly Payments
If meeting your minimum monthly payments feels like an impossible task, an IVA can provide relief. It consolidates your unsecured debts into a single, manageable monthly allowance based on your income and expenses. This ensures that your repayments are realistic and sustainable, helping you avoid the risk of bankruptcy.
2. Your Debt Is Unsecured
An IVA is suitable for individuals with unsecured debts, such as:
- Credit cards
- Personal loans
- Overdrafts
If you’re finding it difficult to manage these types of debt, an IVA can help you resolve financial stress by offering a structured repayment plan. However, secured debts like mortgages cannot be included in an IVA.
3. You Want to Avoid Bankruptcy
Many people consider an IVA because they want to avoid the severe consequences of bankruptcy, such as losing their home or other significant assets. An IVA provides a legal alternative that allows you to maintain more control over your finances while still addressing your debt. By working with a licensed insolvency practitioner, you can take steps toward maintaining financial stability without facing the public stigma of bankruptcy.
4. You’re Ready to Commit to a Plan
An IVA typically lasts between five to six years, requiring you to stick to an agreed repayment schedule. If you’re prepared to make regular payments to become debt-free, this solution could work well for you. It’s a structured path to financial recovery that requires commitment but provides peace of mind in the long term.
5. You’re Facing Constant Creditor Pressure
If you’re receiving frequent calls and letters from creditors, an IVA can bring immediate relief. Once your IVA is approved, creditors are legally obligated to stop contacting you or taking action against you. This can help you focus on rebuilding your financial future without constant stress.
How We Can Help
At Apply for IVA, we specialise in helping UK citizens navigate the IVA process. Our experienced team works with you to create a repayment plan that suits your needs while ensuring you regain control of your finances.
By choosing an IVA, you can:
- Resolve financial stress with a structured repayment plan.
- Protect your assets and avoid bankruptcy.
- Maintain a manageable monthly allowance.
Take the First Step Today
If you’re struggling with debt, don’t wait to get the help you need. An IVA could be the right solution for you. Visit Apply for IVA to learn more about how we can support you in achieving financial stability.
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