Trying to decide whether to apply for an Individual Voluntary Agreement (or IVA)? If so, it is likely that the pressure of debt is seriously affecting you, and probably your partner too. By considering this debt solution you are one step closer to an debt-free future.
Problems with your money can have a massive impact on any relationship, marriage or family. When feeling the strain of debts, an IVA can help you take control of your situation and get back on track of your finances. An IVA is a lawfully binding contract that you can make with all of your creditors. It enables you to pay off your debts with a monthly payment. The length of an IVA is usually no longer than 5 years, giving you and your partner a brighter foreseeable future.
It can be easy to bottle up frustrations and concerns when you are struggling with debt. This can lead to tensions within your household that often seem unexplained. These tensions can lead to unnecessary arguments with your partner. When in debt, you can feel overwhelmed by the continual need to explain your situation and put-off creditors demands. When signing an IVA contract creditors must legally stop making payment demands. Sometimes knowing you do not have to spend your day worrying, about unwanted calls or demanding post, can have positive implications on your relationship.
With an IVA you do not have to think about possible legal proceedings either. You will be completely protected from any legal action from your creditors throughout the duration of your IVA.
When you commit yourself to an IVA you agree that you will be able to make a monthly payment to pay off your total debt. This is likely to be a minimum of 180. You and your partner can relax if you know you can afford to pay off a monthly charge. Removing financial pressures from a relationship can be what ultimately saves it, so if you have concerns about how debt is affecting yours…take action today.
You should seek IVA advice if your relationship is being damaged by debt