In this modern era, everyone finds credit cards useful, but when it comes to paying back the amount of debt, the person faces too many problems because separating a specific amount from your monthly income is very tough.
While couples and single people also struggle with money worries, the problem always seems more for those with children. Parents have to manage the burden of family debt and feel the strain that little bit more as they bear the responsibility of feeding multiple mouths.
Debt can directly affect your monthly health, and it makes you feel anxious, especially if you have to meet the expenses of a family. Debt can be a burden, but it is made worse when dealing with this situation alone. Continuously worrying about debt can affect your daily routine. Having a bad day cannot only affect your mood but also downs your happy vibes. It can also affect your ability to work relationships with friends and family.
The person gets mad and takes stress about creditors who are continuously sending them bills. The tension of paying the debt on time make the victim angry at bosses for not paying them enough salary according to their needs. They get mad at their kids for needing new toys and mad at themselves for not fulfilling their family requirements.
Do not worry about your debt deadline. Here we have the alternate solution IVA for your debt problems
An IVA stands for an Individual Voluntary Arrangement. It is a formal, legally binding arrangement between you and your creditors to repay an amount you can afford over a fixed period.
1. Settle your debts
One of the most challenging things for a person is to pay back his debts while facing the high-interest rates. Once you do not meet the deadline, your interest rates will be higher and higher, and you can never be free from debt and have to pay the interest. The main advantage of IVA is that all your rates and charges on your debt are frozen from the minute when your plan is approved, that’s mean you only have to pay an agreed percentage of your debt back, and you will be free from debt after the given number of time.
You can quickly repay your Debts because you only need to pay the fixed amount. After the agreement, your creditor cannot force you to increase the charges, and he cannot make some additional interest once the IVA plan is approved.
Another advantage of the IVA plan is that your debt depends on your financial status. The payment should be decided by observing your monthly income and the expenses you spend outdoors. After calculating your income details, a specific amount of debt is fixed, which you have to pay every month. In between, if your financial status changes, then your fixed monthly debt amount also changes.
4. Legal protection
An IVA is a legally protected binding plan. Once the amount is decided, the creditor cannot take legal action against you, and he can’t force you to increase the payment amount. That means the creditors cannot take any further legal action or contact you to demand payment.
There is always someone on your side. You can receive support from us throughout the whole IVA plan. All the debt will be payable directly to the practitioner, and they will then distribute the money to your creditors. That means you will always have a supporter to discuss your issues related to the whole process of debt payment.