How You Could Be Debt Free In Just 5 Years

Living in debt is no laughing matter and the deeper you get yourself into debt the harder and harder it becomes to get your head back above water. If money management is not your strong point or you have been spending more than you earn, then it is very easy to slide into debt and lose control of your finances. If you have total unsecured debts over the sum of 15,000 then it might be worth considering applying for an IVA. IVA stands for Individual Voluntary Arrangement and is designed to help you pay off your debt over a number of months, typically a 60 month period. An individual voluntary arrangement is designed to take the strain out of repayments and have you debt free in just five years. The IVA agreement works by looking at your income and outgoings and then deciding how much you can afford to pay off each month in a single payment. Once all the payments have been made over the agreed period, you are debt free: it really is as simple as that.

There are many benefits with an individual voluntary arrangement for those suffering large debts of 15,000 and above. Once an IVA is agreed and payment begins it means you will not lose your home, up to 75% of your debt can be written off and not only that, the debt amount is frozen so you will not be incurring interest on the money that you owe. Your debt will be managed into one affordable monthly payment for the agreed term. The first step to take with an IVA is to contact a specialist money management firm or a licensed insolvency practitioner who can help determine your debt, your suitability and advise you each step of the way making the whole process simple and easy to understand.

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