Debt Management In UK – An Option That None Other Offers
A debt management
plan is a systematic way of paying down your debts. This plan is
generally for those people who are not eligible to get a debt
consolidation loan. DMP is offered by credit counseling agencies to
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help you repay all your debts, over a period of time. The agency
representative will help you to make a financial plan for you in such
a way that you will have to make a single payment to the agency, and
the agency will distribute the money among your creditors. This will
be done on the basis of a negotiation between you and your creditors.
If you want financial gain, if your goal is to achieve financial
freedom, you can go for a debt management plan.
in the UK, you can have an option with regards to debt management
that no other country may be able to offer you. You can have the
option to opt for an IVA or an individual voluntary arrangement as
this option can help you out of complex debt situations. This option
is available in no other country that can be helpful enough for you
and your finances to at the same time. This program was first
introduced by the UK government more than twenty years ago and has
from then on become one of the well known and popular solutions to
solve personal financial crisis. However, not everyone can find
themselves eligible for the IVA program.
order to be eligible for the same, you as a debtor will have to owe
at the least 15,000 pounds, with regards to a single creditor. Only
if this is your situation, you may be able to get the payment
arrangements as per the IVA. You as the debtor will also be required
to have income at least by a certain level, so that you can go on
making the payments as per the payment category advised through the
great thing about the IVA is that it is legally binding with regards
to both you as the debtor and the creditor or the creditors, with
whom the payment setup was made. In fact, when the payment offers are
made through the IVA, if three quarter of the creditors agrees to it,
the other creditors will have to agree to the same too.
the payment arrangement is set up through the IVA, no creditors can
go on harassing you for the payments. As per the IVA program, you
will be required to make monthly payments but this is supposed to be
based mainly on your means. When the program ends after a few years,
the creditors are required to write off the amount that is left to be
paid. This means that you would no more be harassed by the creditors
even after the completion of the IVA. This helps you not only to put
of the interest amount by quite a large amount but in lowering the
actual debt amount a lot too, in case you owed quite a large amount.