The tendency for debt to grow out of all proportion makes it something to be extremely wary of. It is very difficult to manage payments to a range of creditors each month and this can put serious strain on your earnings. When you can no longer sustain your payments you need to act quickly to stem the tide.
It does not matter how you have managed to find yourself in so much debt. Once you are struggling with repayments, the whys and wherefores are simply of no relevance. All that really matters at this stage is getting control of the situation so that you don’t end up in even greater difficulties.
One of the most important things at this stage is to avoid having to file for bankruptcy. This is something that you can manage to do if you submit an application for an IVA because this represents a valid way out.
An IVA is a good solution to the debt problems you are experiencing. There are only really three conditions that you need to satisfy in order to be eligible for an IVA. First of all, your debts must amount to 10,000 or more in total.
The other conditions you need to satisfy are as follows. Your creditors must number more than two and you must be able to keep up with repayments totalling 150 every month. If these three criteria apply in your case then your application for an IVA is likely to be accepted and the positive process of managing your debt in a more effective manner is ready to begin.
The chief advantages of IVA are that they reduce the amount of debt you need to pay back at the same time as freezing interest so your debts do not build any higher. They also take the pressure off when it comes to dealing with your creditors.
Are you looking for information about IVA? you should head to the Harrington Brooks website.