HOW TO CLEAR DEBT
If you have mounting debts and are losing your sleep over repayment of multiple loans, you must find a solution to debt. Are you getting paranoid about piling bills by the fag end of the month? You owe a lot of money to varied creditors and are unable to meet your basic amenities of life. Debt experts will guide you through the various debt management alternatives. They will help you choose the right debt plan considering your financial predicament.
Basic alternatives to deal with multiple debts!
Remortgage plan
Debt management plan
Bankruptcy filing
IVA
IVA settlement is a most ideal financial solution if you don’t have enough equity left and are unable to apply for a remortgage loan in order to deal with your multiple debts. Individual voluntary arrangement helps you deal with multiple debts by offering you a single manageable debt payment every month. This is a legal agreement signed between creditors and a debtor in the presence of an insolvency practitioner.
How does IVA help a debtor?
It stops a creditor from making any threatening calls for loan payment and also ceases any court proceedings against the debtor. It helps club multiple loans together and facilitates a debtor to pay what is affordable to him, not the whole loan amount. Anything that is left pending after five years will be nullified. This offers enough security to the debtor as he pays only what is affordable to him. You don’t have to resort to bankruptcy filing.
To apply for an IVA, you must owe more than £15,000 and should be on regular pay roll. With this settlement, you can clear your debts in five years and reduce your monthly outgoings. Safeguard your home and avoid any legal proceedings at court. Breathe a sigh of relief!