Being in debt is one of the most uncomfortable situations known to man. One way of coping with debts beyond your control is debt management. Statistics shows that majority of those suffering from depression and other stress-related diseases have succumbed due to poor debt management skills. This is where an IVA comes in. If you are asking yourself What is an IVA? No worries, you are at the right place.
What is IVA
On the brighter side, some parameters have been put in place to curb the effects that this monster called debt drags along with it. One of them is the Individual Voluntary Arrangement, commonly known as the IVA. This is a payment plan mostly used in England and Wales, as an option for those trying to ward off the clutching jaws of bankruptcy. What are the tell-tale signs that one is in dire need of IVA?Signs you need IVA for debt management.
When you can save some money aside every month
This is to enable you organize yourself financially and take the next big step towards financial freedom.
When you prefer not to be in direct contact with the debtor
You have an option of seeking advice from your financial adviser on whether to involve your lawyer or deal with them via other media.
When your debts are not from the same source
Individuals, companies, and organizations have different ways of dealing with debtors hence the need for IVA to curb the constant follow-ups from creditors.
When the money owed is extremely huge
Debts beyond this are difficult to handle, and so you must be armed to the teeth with numerous ways of bringing them under control.
When three or less different debts are in your name
Once you discover this, you have to swing to action by looking for the significant ways and means of dealing with the debts.The moment you take full control and charge of your finances and take up full responsibilities over your debts then you are on your way to the much-coveted land flowing
with milk and honey in the financial arena.
These and much more can be used to iron out any financial mess that you find yourself in. The best way to avoid all these is by keeping track of expenditures and avoid spending money unnecessarily. In the case of any bank statements that are unknown to you, consult your most trusted financial adviser and follow their instructions and advice to the letter.