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Posted by on Aug 30, 2017 in Tips |

There is Help Available for Credit Problems

There is Help Available for Credit Problems



Credit is something that, especially in our younger years, we take very much for granted. The benefits of a store card or credit card are evident to us all, and loans are taken out for major purchases across the years. The problems with credit begin when individual circumstances begin to change. As you move on in life, and perhaps start a family, the demands on your finances change, and you find that you have less income than you did. Or, perhaps you have been made redundant or been forced to take a lower-paid position, and cannot afford the repayments you had been making.

Those demands that start arriving as you fall behind with your repayments can cause a great deal of stress, and this leads to illness and poor performance in your personal and working life. It’s not a nice situation to be in, and sometimes it reaches the point where you can’t see the light at the end of the tunnel. That’s why we want to tell you about a solution, the IVA. An IVA is an Individual Voluntary Agreement and, if you have over a certain amount of unsecured debt and struggling to keep up with repayments, you could qualify for what is a sensible option.

What is an IVA?

An IVA is an agreement reached between you and a licensed Insolvency Practitioner (IP). It is a legal agreement that amounts to you paying to the IP an agreed monthly sum. This is decided on the basis of your actual income and outgoings, so will be a figure that you can afford. You will most likely pay this figure over a five-year period, and the IP will distribute the money between your creditors. For the duration of the IVA, your creditors cannot take any further action against you, cannot contact you directly, and will freeze all interest. At the end of the agreement, any outstanding balances will be legally written off.

Bear in mind that an IVA must be agreed and administered with a fully-licensed IP; this gives you the peace of mind that many satisfied customers have already enjoyed. It is a sensible way of sorting out your problem, and your creditors will prefer this to bankruptcy, as they will get a bigger share of what they are owed with an IVA. It really is a way of simplifying things greatly, and will reduce the stress caused by having to deal with constant demands and payments.

Talk to the Experts

You can find out more on the subject by reading the Creditfix IVA help section on their website; they are a licensed IP with plenty of experience and a fully qualified and highly skilled team who are there to help you sort out your financial mess! They will take you through the process and work out whether you are eligible and how much, if you are, that you could reasonably pay each month. Talk to them now, and take the stress out of managing your finances; it will make your life much easier!

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