Make Me Debt Free

  If you are having trouble managing your finances, you might want to consider seeking an Individual Voluntary Arrangement (IVA) in order to get out of debt. Whether you want to pay off your debt with a lump sum or get a reduced payment over a longer period of time, an IVA is an effective, legally binding debt solution. It's a legally binding debt solution If you are struggling to repay debts, you may have considered an Individual Voluntary Arrangement (IVA). This form of debt solution involves a legally binding agreement between you and your creditors. A debt management company will contact your creditors and work out a repayment plan for you. An IVA is an alternative to bankruptcy. It allows you to pay off a portion of your debts over a period of time, based on your affordability. However, it is important to know the pros and cons of this debt solution before signing up. Besides helping you to pay off debts, an IVA can also protect you from taking further action by your

  There are a number of different ways that IVA solutions work in the UK. One way that the process works is by making use of a basic bank account that is needed to start the process. You should also be aware of the negative effect on your credit rating that an IVA or DRO has. Another important aspect is the ability to build up your credit after your IVA or DRO is complete. Basic bank account required to set up an IVA An IVA (Individual Voluntary Arrangement) is a legal arrangement that allows you to repay your debts over a set period. It is a short-term agreement involving lump sum payments or a monthly installment plan over a fixed term. You can choose to enter an IVA if you have three or more creditors who are willing to accept a new arrangement. The arrangement will be recorded on your credit file for six years. Alternatively, you can ask the Financial Ombudsman Service to review the situation. If you do decide to enter an IVA, you must have a basic bank account. This is necessary