If you are in a situation where you have numerous debts which have developed into an amount you just simply can?t repay before a certain deadline, there are a few paths which you could take to consolidate that debt. You could declare yourself bankrupt, which would let the banks know you are financially incapable of paying back your debt and would in turn force them to leave you alone, however the downside to this is that you are completely writing off your credit, it will be impossible to ever get any sort of credit card, mortgage or even a mobile phone contract ever again.
You may have accumulated debt through unregulated credit card usage or fallen behind mortgage and other secured loan payments because of sudden unemployment or illness. Regardless of what your reasons may be, however, your main focus should be on how to successfully repay the amount that you owe at present.
If, that is, I keep my dunderhead tendencies under control. My wife and I first met at a Guardian-sponsored music festival many years ago. I should not be surprised she spotted my ?anonymous? debtor?s diary; even though the sub-editor tweaked her name she was 90% sure it was me . The upshot is that when the time came to share the good news about my two phone interviews with the debt charity, she called me a series of names I?m not going to shame myself with in print, gave me a far from playful slap round the chops and told me never to keep anything this important from her again. For good reason, as will become clear.
The in-depth phone interview with the specialist debt counsellor felt like an inquisition by a skilled and friendly investigator. ?Good cop? went through our income for the past three months and spending for the past year with a fine-tooth comb. I could have told her in advance that the only category in which our household spend outstrips the court-approved maximum for a decent standard of living is my wife?s hairdresser habit. Actually, I tell a lie.
The main benefit of getting an IVA is that it will not damage your credit rating as much as bankruptcies, depending on your circumstances you may still have a clean slate as many people resort to IVAs after losing a job and taking one for less pay. This represents a change of circumstances beyond your control and motivation to repay, as each agreement is individual, this will be taken into consideration if you ever apply for a loan again. ?
Michael Fielding writes articles on behalf of CBC International. CBC offer a specilist debt recovery and debt collection service to all UK based buisinesses.
Source: http://computersandtechnology.us/2012/03/im-in-too-much-debt-should-i-get-an-iva/
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