IVA or Bankruptcy

Bankruptcy: Take charge before things go out of hand!

An individual going bankrupt is a terrible thing and it is usually young professionals who face this traumatic situation when their near and dear ones turn their backs on them. When caught in a debt trap, they are neither seen nor heard by their family members or employers. When they were bringing in the moolah and the goodies they are the cynosure of all eyes but when the recovery guys come calling they suddenly find themselves as orphans. Countless stories abound of wives going back to their parents place when they get nasty surprises of their husbands being neck deep in debt owing to their irrational spending habits.

You are not alone in this

Bad credit is a universal problem and there are millions of people who are suffering from this problem. Mostly young people fall in this mousetrap laid by banks and financial services companies to grow their business and the net result is chaos. When saddled with debt, the productivity and efficiency of young professionals begins to slide and organizations suffer, governments suffer and the way credit traps ordinary working class citizens is something that has made lawmakers and policy makers wake up and take notice. Countries in the West like Scotland that have a developed money market have come out with special plans to help needy citizens through individual voluntary arrangements or IVA’s for those who find it hard to pay off their debts. A mountain is brought down brick-by –brick so can you reduce your mountain of debts by clearing the high cost debts first and then moving on to low cost debts.

One payment for all lenders. That’s it!

These debt management plans help you to make one single affordable monthly payment to all your creditors through the help of an insolvency practitioner and avoid the hassle of dealing directly with creditors. An IVA or a debt reduction plan is normally arranged through a third party who will work out the exact calculation as to how much you can realistically pay at the end of each month. This reduced monthly payment will go a long way in reducing your debt burden and giving you mental peace in the long run.