The right solution?
Depending on your circumstances, an Individual Voluntary Arrangement could be the perfect solution to your debt problem. If you owe over £13,000 to three or more creditors and are finding making repayments too hard, an Individual Voluntary Arrangement may be the answer. You could:
- Become debt free within a set timescale
- Write off an element of your debts (subject to individual circumstances)
- Freeze the interest on your debt
- Avoid bankruptcy and the threat of ongoing legal action or debt collectors
- End harassment from creditors
One of the most frightening aspects of debt is a sense of helplessness. Those in serious debt feel trapped with no clear solution to their ever-worsening financial circumstances. People wake up tired after a restless night worrying about debts. Different creditors are applying pressure to meet repayments and there are simply too many demands made on the wearying debtor. Do we just pay the creditor who shouts loudest? Do we borrow from one to pay another? No answer seems appropriate but one is needed. As one person put it,
"I struggled for years trying to organise my debts but found no way out. I ended up burying my head in the sand simply out of a sense of helplessness. If only I had sought help earlier - I was just too scared, too ignorant of potential solutions and too alone to find out more".
This alone-ness can be a contributory factor to our fears. Talking about personal debt can be very difficult and we instinctively feel a sense of shame or embarrassment at our predicament. The idea that there are many others in equally difficult circumstances never really occurs to us. Its ok to talk about sex, politics and religion these days but personal debt is the big taboo!
A positive future
But there is hope. There are solutions. And an IVA can be a huge step towards a debt-free future. There are plenty of opportunities to talk with advisors over the phone and some places to go for a face to face discussion. This may be completely new territory for us but skilled advisors can explain in straightforward terms the advantages of an IVA, and guide you through the process. And if an IVA is not the answer - you can be sure there will be other solutions to consider.
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