Reading time: 1 – 2 minutes
Starting the year right was always the priority of everyone regardless if you’re in business or just a regular home maker or employee.
Debt management should always be a top priority if the need for emergency funds came unexpectedly. But how can you manage your debts given the challenges of this economic downturn?
There are many ways though and one of which is securing IVA or an Individual Voluntary Arrangement with a financial company to manage your debts for you. Most of the time, these IVAs will cut the amount you owe (typically by 50% but in some cases by up to 70%), will freeze the interest you pay and will legally prevent creditors taking action against you when the things get worse. Of course, these services are there to prevent the latter case from happening.
IVAs are your best route to becoming debt free incase the equity in your property isn’t enough to consolidate debt via a re-mortgage. As you enter into such legally binding agreement with your creditors, licensed insolvency practitioners will oversee and supervise it for you thus providing greater security and much better terms compared with a debt management plan.
It’s inevitable for us not to have debts at least once in a while however staying out of it is still the best way to go most of the time. How about you? Do you always stay away from debt?
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