UK IVA
UK IVA
However much money you owe, there are several ways of dealing with debt in the UK. IVA (individual voluntary arrangement) and bankruptcy are two of the most common courses of action for those that are simply unable to keep up their repayments. An IVA tends to last around five years, but often allows part of the debt to be written off. At the very least, a UK IVA will allow you to:
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Sort out your earnings and outgoings so you know how much money is available to you
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Make a fixed payment each month
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Pay off debt capital as interest rates are usually frozen for the duration of the IVA
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Distance yourself from creditors who will not be able to hassle you once the IVA has been agreed
If you are resident in the UK, IVA providers can help you to budget, contact creditors and reach a payment agreement that is affordable. Although an IVA will affect your credit rating, and will prevent you from applying for any further credit, it could really help you to regulate your debts and to get them paid off. Click the link to find out more information about UK IVAs.
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