If I'm In Debt, Could An IVA Help? | Mortgage

by TomDoerr

All set to go ahead with an IVA, my wife has uncovered a family member with the ability to bail us out scot free Things have been looking up since day one of this blog. Now it feels like there is real momentum gathering. Without tempting fate, I think I can say I am on a path that, one way or another will release me from years of debt, worry and stress.

The better option would be to opt for an IVA, an individual voluntary agreement. This is a formal and legally binding agreement that allows you to pay an affordable portion of your debts over a reasonable timeframe. As long as you stick to the terms of the agreement, which usually lasts five years, the remainder of your debts are written off after the arranged period.

If, that is, I keep my dunderhead tendencies under control. My wife and I first met at a Guardian-sponsored music festival many years ago. I should not be surprised she spotted my "anonymous" debtor's diary; even though the sub-editor tweaked her name she was 90% sure it was me.

Unfortunately, even with being granted the best IVA they could possibly have, many credit consumers lose sight of their priorities and continue to rack up more debt each month. Bankruptcy, instead of being avoided, then becomes the only option to take. It is easy to overlook the fact that while there may be IVA specialists that can help you get approval for a good repayment plan, falling behind on your responsibility, as scheduled, is nobody's fault but yours.

The basic concept of acquiring debt help and taking on a payment plan is to get rid of debt. There is no shortage in the number of borrowers whose experiences with the consequences of amassing huge amounts of debt should adequately motivate you to continue fulfilling your financial obligations and be prompt with them as well. Individual Voluntary Arrangements were created to provide an avenue towards financial freedom that can only be obtained if you are disciplined enough to be on time with submitting IVA payments throughout the period you have graciously been accorded.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

If you're still confused and need an IVA explained you could speak to a debt advisor. The concept also applies to businesses, who can arrange a company voluntary arrangement.