Debt Management News
Seek debt advice before choosing a method of sorting out your debts!
1st May 2008
Julian Knight, writing in The Independent, said that both IVA’s and payment protection insurance can help people out with major financial situations.
He noted, however, that professional debt advice should always be sought before signing up to an IVA and such a method of sorting out debts is “risky”.
IVA’s are “helpful but should not be taken lightly”. Although they offer a way out of severe debt problems, they should not be entered into without much thought beforehand.
Managing Director at DMS, John Tegg, said “IVA’s last up to 5 years and are a major lifestyle commitment. Can you imagine if you made all your IVA payments for four years and then got ill or were made redundant and the IVA failed as a result?”
An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your (lenders) creditors to pay a reduced payment each month. The payments must be paid - without fail - for a period of five to six years. After this time, the debt is considered to be settled.
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