If there ever comes a point in your life where you’re stuck with debts that you can no longer afford to handle, then it’s time start looking for a way out of them. It might seem to you that these debts will haunt you forever but that’s hardly the case, even in the worst situations. There are many other people in the world who get stuck in debts as well and end up not being able to live their lives because of them and to help such people, there are certain legal arrangements that can be made to make it easier for them to deal with their debts.
If you’re stuck in a seemingly bottomless pit of debt. Then maybe it’ll be a good idea to speak to a financial consultant about IVA or Individual Voluntary Arrangement. Unlike the usual DMP or Debt Management Plan that you’re usually told about, in an IVA, you and your debtors make a legal arrangement where they decide a certain time during which you have to pay your debts. After this time period is over, the remaining debt will be written off with no interest or any hidden charges whatsoever.
This option might not be available to everyone but depending on your circumstances, you might be eligible for it. You can find out more to make things even simpler, once you’ve entered an IVA, your creditors won’t constantly pressure you to make payments just because they aren’t allowed to contact you. However, if you can’t adhere to your IVA agreements, your creditors might force you to declare yourself as bankrupt. The terms of an IVA are also pretty permanent and won’t change according to your circumstances later on either.