Stockport, United Kingdom, July 26, 2023 (GLOBE NEWSWIRE) -- 
IVA4Me published a new guide about how people can manage unaffordable debt by using debt management solutions like IVA. Many people may ask what is an IVA, and this guide goes into great detail about what an IVA is and how it can help debtors get rid of 85% of unaffordable debt.
An individual voluntary arrangement (IVA) is a debt solution that enables you to agree with your creditors to pay part of your debts. The contract is managed by an insolvency practitioner who receives a monthly payment that is divided amongst all the creditors. When people apply for an IVA, they are able to write off debt by 85% because of government legislation, and this is excellent because it helps them get more control than bankruptcy can offer them. The IVA protects you from the legal action that creditors can take against you and creditors won’t be able to contact you or affect your credit score for six years.
While your IVA remains active, the fees and interest relating to your debt are frozen so that once payments are complete, the remaining debt is written off, which enables you to start again completely debt-free. This IVA is incredibly helpful for people who want to avoid bankruptcy and come up with the next best solution. The IVA can protect you from bankruptcy, and lawsuits from your creditors, and also protect your credit rating so that you can pay off part of the debt. Not many people are aware of this option, which is why IVA4Me is dedicated to educating people and giving them more information about debt solutions that can help them overcome unaffordable debt and live debt-free lives in the future.
People qualify for an IVA when they have more than £5,000 pounds or more of unsecured debt and they owe money to more than two creditors. People who live in England, Wales, or Northern Ireland, have a regular income, and are able to meet a monthly payment of at least £85 per month will be able to qualify for the IVA. There are different types of unsecured debt that people can get an IVA four. These types of unsecured debt include personal loans, credit cards, store cards, and even payday loans.
Couples who have a combination of joint debts or even individual debts can sign up for a joint IVA so that they pay one affordable monthly payment. Another type of IVA is the full and final IVA which is best for people who want to make a one-off payment to creditors as a final settlement instead of monthly payments for a long period of time.
IVA4Me has several detailed guides about what an IVA can do for debt management. People who are struggling to manage their unaffordable debt can learn more about how they can qualify for this option and how it works by visiting the website. Those who want to write off can do so because there are options available according to government regulations. The important thing is to find the correct information and make important decisions about your debt management.
People who would like to create a debt management plan can do so with IVA4Me. Customers can get free consultations and learn about the best solutions that fit their needs. A debt management plan or debt consolidation can give you peace of mind because it’s an agreement between you and your creditors and ultimately reduces your monthly payments. Since a third party negotiates this on your behalf, it is an excellent solution for people who want to manage their debt responsibly and pay off their creditors quickly. IVA4Me is dedicated to providing helpful solutions for people who are struggling with insurmountable debt burdens. Take advantage of the incredible resources available on the website to learn more about how you can manage your debt. To read more about managing an affordable debt and the options available, please visit their website here.
Source: https://thenewsfront.com/iva4me-publishes-new-guide-about-managing-unaffordable-debt-with-an-iva/
