IVA Articles
Articles and Information on everything related to IVAs
IVA : When Should I Apply For My IVA?
It can be a difficult decision to make, when facing financial difficulties, as to when things are out of your control and you should search for help.
So, if you believe an Individual Voluntary Arrangement (IVA) may be a solution, when should you ask for help?
Once you have realised that your circumstances are not likely to improve by making a few budget changes, quite simply, the sooner the better.
Click here to see if our Debt Detective believes an Individual Voluntary Arrangement (IVA) is a possible solution for you.
Or click here to TAKE ACTION NOW.
Peoples debts generally fall into two categories, chronic debt or acute debt.
Acute debt, tends to refer to debts problems which arise as a result of a significant, but temporary, change in a persons circumstances, for example a loss of job or a reduction in income through temporary loss of overtime.
In situations like this it is more than likely a temporary solution, such as a debt management programme, will be sufficient to help a person cope with their financial obligations. A debt management programme allows reduced payments to the creditors to be made for as long as necessary, until the situation is resolved, for example a new job is found or overtime is reinstated, and the debt repayments can continue as originally agreed.
Chronic debt generally refers to a debt problem that has taken a longer period of time to amass, and even though the persons ability to pay towards the debt is not reduced, the debt problem itself seems to be worsening.
For chronic debt sufferers a more permanent solution will need to be found. The most suitable solution will vary with personal circumstances, but will generally be a option of either a debt management programme, an Individual Voluntary Arrangement (IVA) or possibly even bankruptcy.
The most important thing to remember is 'The sooner you take advice, the better.'
Waiting for a debt problem to solve itself is not going to help, in fact chances are it will only make the situation worse, so getting good advice, quickly, can be crucial.
Taking action early can cut down on the number of creditor telephone calls you may receive, however, if you are already receiving creditor calls take the link to read tips on how to handle them.
By calling a debt advice or IVA company when you first recognise there is a problem, you are allowing yourself time to understand your options whilst you still have time to control the outcome.
If you would like to discuss your circumstances will on of our debt specialists just call myIVA-Adviser.com for a free and confidential chat on 0800 088 7503 anytime.
