Simple Debt Solutions is one stop solution for debt related problems. The website is tailored to needs of people looking for help to get out of their debt issues. It offers you a whole range of services that will serve you the best. Be it multiple debts or high value debts you will get the best measures at your rescue. The company offer genuine and simple debt solutions that can save you from financial crisis.
There are times when you are surrounded by debts and you cannot think of any solution to get over them. In a phase when you are at the edge of getting bankrupt and there is no help at your end, you feel hopeless. With multiple debts on your head there is nothing positive that comes to your mind and end up losing all you have. More and more people are facing these debt issues and there are many companies that claim to get you out of this difficult situation by offering various schemes and plans .This might turn out as a major help but only if the company is actually thinking of your benefits and not their own. Poor guidance or an ambiguous advice might worsen your debt issues.
A very simple debt solution that can save you from bankruptcy and bring back you financial freedom is INDIVIDUAL VOULANTARY ARRANGEMENT. It is considered as the best solution to your debt issues. To repay your unsecured debts such as credit card debts or pay day loans you can choose this option. This is best suited for individuals with high value debits and has no options to cover them.
What Is IVA?
Iva is a debt solution where you repay your debts through an agreement with your creditor. If you have unsecured debts such as credit card debts or payday loans and you opt for IVA then you will form an agreement with your creditor to repay a manageable portion of the balance of your debt over an extended period of time which is typically around 5-6 years. If you adhere to the terms of the agreement, your debts will be written off even if you have not repaid your debts fully. This makes it a very flexible and convenient way to deal with your creditor and end it on a good note.
What are the Pros and Cons of IVA?
PROS
The benefits of IVA are numerous. Some of the best things that come along include free from debts in 5 years, single monthly payment, interest and charges are frozen once IVA is approved, creditors will no longer be able to take legal action against you , telephone calls from your creditors will cease ,Insolvency practitioner will take responsibility for your debt repayment , you will be able to keep your home ,retain ownership of your vehicle , begin repairing your credit rating , legal protection and your job/occupation will not be affected. With all these pros you get your financial freedom and respect back in your hands with IVA.
CONS
Like every coin comes with two faces, this solution too comes with cons that are unavoidable. Some of the cons of IVA are that an IVA can take longer than bankruptcy; it will affect your credit rating, regimented payment plan, court costs , fines and student loans can’t be included , if you own a property with equity in it , then you will likely be asked to try to re-mortgage , you must continue paying your rent and your mortgage , your home equity may be at risk, you will be unable to make any unsecured borrowings ,you need pound 10,000 or more of unsecured debt ,you must include all your creditors you may have to repay more of your debt with IVA then with other things like bankruptcy . So before you opt for IVA gets a complete understanding of it and then make your choice.
Individual Voluntary Arrangement can benefit you a lot more than other debt solutions as it comes with practical and flexible options that can cater to your debt issues intrinsically.