Are your creditors the only think you can think about?
Have the thoughts of repayment clouded your head?
Do you often feel helpless thinking of the huge amounts you need to pay back and yet manage your daily expenses?
If these are the problems you face, be sure, that you are not alone.
There are many more people facing the same ordeals, more so, after the financial crisis. However, no problem is too big to be solved- just as no mountain is too high to be not conquered. As Edmund Hillary, once rightly stated, after having failed climbing Mt. Everest two times- “You as a mountain cannot grow, but I as a human being can.” And that made all the difference. So, if you think your loans are too heavy to be easily managed, rest assured that the human brain has grown more and this time it has brought for you the solution called IVA.
IVA that stands for, Individual Voluntary Arrangement helps you repay your debts, with the support of the Government. A part of the Insolvency Act of 1986, IVA, till date has helped numerous people come over their financial nightmares. If the Iva that your licensed Insolvency practitioner puts forward is approved, you will be required to pay monthly amount towards your IVA for at least five years, after which your debt would be considered paid and settled. What could be easier? Nevertheless, your financial situation will first be reviewed, to ensure f you are in a condition, to acquire, hold and maintain the same.
There is another rider. Your IVA will have to be approved by your creditor! A meeting would be arranged and it is only if your creditor shows the green flag, that your IVA proposal would be brought forward. However, this is not difficult as your creditor will get much more than the amount, he would get from you!
One move and five years can offer you permanent solutions- IVA- Debt- clearance! After all, it is better to wait for 5 years to repay the debt than die for it each day!
