Personal debt is a common problem is UK and the affect that it has on an individual’s life is extremely damaging. It can leave you feel exhausted, insomniac, stressed, depressed and worthless. It is also a major factor in the failure of many marriages. But if you are in serious debt, there are many options which you may not have though t of yet.
Granted, it can be difficult to make decisions rationally when dealing with the immense emotional strain of serious debt but don’t worry, isn’t the end of the road.
An IVA may provide the most positive solution to your debt problems but you may be thinking “I could just declare myself bankrupt instead?” Below are a few of the benefits of an IVA and why you should avoid bankruptcy at all costs:
Declaring yourself bankrupt will have vast consequences which will affect you for many years to come. You will find that should you need anything which requires a credit check, even something as simple as a contract mobile phone, will be off limits to you. While it may seem like a sound option to sidestep debt, it is a big mistake if it is not absolutely necessary.
An IVA will allow you to repay all that you can, at a rate that you can afford. With an IVA from companies such as Harrington Brooks, your interest will also be frozen so that everything you pay off will go straight to clearing your debt.
A realistic rate which takes into account all of your essential overheads will be agreed upon beforehand and you will be able to stave off bankruptcy and begin with a fresh start.
One of the things that causes the greatest amount of stress to an individual with serious debt is the constant bombardment of communication from their creditors. This can make you feel stifled and trapped. With an IVA, this communication will stop and you will be able to make informed and rational decisions regarding your spending without someone breathing down your neck.
Should you decide to declare yourself bankrupt, then there are more knock-on effects. Should you find yourself in the clear in later years and want to travel, things such as visas to countries like America can become a real problem. The most important thing to remember is that although serious debt may seem like the end of the road, it isn’t.
An IVA is a perfect solution that can give you your life back. Bankruptcy on the other hand really is the end of the road and although it may seem like the only solution, it’s the worst possible road to go down if other options would suffice.