Why an IVA can be better than Debt Management Plan

Why an IVA can be better than Debt Management Plan

Why an IVA can be better than Debt Management Plan Individual Voluntary Agreement is a legally binding contract between a debtor and their creditors.Additionally, this is supervised by a legally licensed practitioner to pay back their creditors at an amount they can afford monthly over 5-6 years. Once the final payment is made, any other debt can be written off. Looking at the two ways of paying off debts.According to me, Individual Voluntary Agreement is much better due to its few advantages over other debt management plans. In an Individual Voluntary Agreement, all interest and charges are frozen as long as all the repayment, interest etc. are made. However, in Debt Management Plan,it might not necessarily be froze. IVA takes half the time to complete payment as compared with a Debt Management Plan with the same monthly contribution. Individual Voluntary agreement has standard fees as long as you make all your repayment, it is removed from the amount sent to your creditors and...
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Strategies on how to get out of debts

Strategies on how to get out of debts

Strategies on how to get out of debts Debt these days, has become something we can’t do without, they say it’s the new normal. Something just has to come up which might lead us to going into debts. When responsibilities sometimes are taken care of, we then later realize another one is at our doorstep. Whereas our income is not sufficient to even last us a month due to piled up bills, this results into going into debts. Don’t just give up yet, there’s a light at the end of the tunnel. It just takes the willpower to stand up right and say to Ourselves that “I need to be determined to know that how to get out of these steps. When this is done , action then follows. Determination and discipline is the only willpower we need to stay or get out of debts. People feel it’s an impossible task. Similarly our attitude towards the payment of debts determines that how...
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