There are a lot of uk residents who are afflicted with debt every year, and one of the main contributors to this is the usage of credit cards such as store cards and similar kinds of credit. Unfortunately , in our day and age, we are all living in a world where we are forced to spend money on credit as it is a feeling that the basic requirement of living demands us to spend more money than we have available.
If you can spot the issue early enough, before it gets too serious the debt management strategy will be the best option for returning you to the good financial position. However, many do not recognize the problem until it gets to the point that it's impossible to pay off the debts that you owe from your income within a timeframe that is reasonable.
What exactly is an individual voluntary arrangement uk?
The uk iva is a legal binding agreement between you and your creditors and where you accept to repay them a portion of the amount you owe them by regular installments in accordance with what you can pay for. It is typical to make regular payments for five years, and then the remaining debts are written off and you're free of debt.