How To Get Out Of Debt And What Is An IVA?

In this article we explore how to get out of debt and what an IVA is.

At Consumer Debt Help, we understand the difficulty of feeling like you’re in a debt spiral and appreciate it can get out of control so quickly. It is important to recognise the signs that your debts are becoming too much to handle.

You may be making minimum payments each month and not seeing your balances go down or feel tempted to take out more debt to pay back other debts.

Sometimes taking the step to seek help is the best and only option. Otherwise it can get out of control very quickly and you may end up in a debt spiral.

We work with government approved debt schemes that are designed to help you get a fresh start and get out of debt once and for all. It is our job to see if you qualify, explain your options, and help you become debt-free.

What Is An IVA?

The most well-known option to get out of debt is an Individual Voluntary Arrangement, or IVA. An IVA is an agreement to pay back your debts over a period of time.

So you cannot be chased by your creditors; all interest will be frozen, and you may qualify for debt write-off at the end of the repayment period.

An IVA is designed as an agreement between you and your creditors to pay off an affordable monthly payment to all your creditors, typically £60 to £100 per month to help you get out of debt.

You make those monthly payments for a certain amount of time, normally 60 payments, and whatever is left over is completely written-off. During your IVA, your creditors are not allowed to contact you and all interest and charges are frozen.

By clearing your credit file of all the debts your credit score will improve so you can live a normal, debt-free life with the peace of mind knowing your debts have been dealt with.

How To Know When You Need Help?

It is our job to get you out of debt, get you a fresh start and a clear end date when you know you are going to be debt free. Here are some signs that you need help:

• Are you paying out more than you can afford?
• Does the end of the month feel like a struggle once all the bills have been paid?
• Are you paying high amounts of interest and not seeing your debt balances go down?
• Are your creditors starting to threaten you with bailiffs or penalties?

Sometimes you may feel like there is no help out there or that you don’t qualify for help or that you don’t even want to speak to anyone about your situation through fear of being judged or talking about your situation feels like the last thing you want to do.

But there is a way to get out of debt, and if you qualify, there is government debt help designed to write off any unaffordable debt, stop the creditor contact and get you a fresh start.

Even allowing you to do the little things, such as treating the kids or going for a meal at the end of the month and giving you peace of mind knowing that the debts will not be a problem ever again.

Our advisors are here to listen and help you understand the options available based on your individual circumstances. They will see if there is a better solution to help you get out of debt.

We Can Help With The Following Types Of Debt

• Benefit overpayments
• HMRC debt
• Council tax
• Loans/overdrafts/credit cards
• Utility/company bills
• County Court Judgements
• Catalogue and store cards
• Rent/gas/electricity arrears
• Payday loans

These solutions are designed for people struggling with their finances to take back control. At Consumer Debt Help, our mission is to get you out of debt.

Have a look at some our reviews from some of the people we have helped to get out of debt: