Finding the road out of deeply-rooted debt is challenging. You might feel that there’s no real need to work on your debts — especially if your debts aren’t that old and the creditors seem to be working with you. But when you stop making timely payments, you are putting your family’s future on hold for a long time. When you’re in debt, it’s not like you can really make other choices.
You can’t dream about a new car, or even rebuilding your credit. You can’t go into a new house or anything of the sort. You will be hopelessly stuck trying to make ends meet and never really getting anywhere fast. Is that really the example that you want your children to see? After all, it’s been shown that your children get their personal finance habits directly from you. So if you aren’t any good with money, chances are good that your children will follow suit. Thankfully, there is another option to look into when other options fail: the IVA.
This stands for Individual Voluntary Arrangement. It is something that is between you and your creditors. They will agree to letting you pay one monthly payment, often without interest, for all of your debts. This gets your debts reduced in a very short time — roughly between 3 and 5 years. At the end of your payment period, the rest of your debts are discharged. This gives you a clean slate and sets the tone for you to get things really done. If you aren’t careful about the path ahead of you, you could end up getting your arrangement cancelled. Then you would be liable for all charges incurred in the setup, and that would mean even more debt than you had originally.
Sticking to your IVA program is really the best approach to take, but a lot of people really don’t stick to the program…then they blame the program for still being in debt. That’s the wrong attitude to take, but if you have to learn that the hard way be our guest.
Don’t wait another minute to take back control of your life. It’s better to make sure that you rest up, consider your options, and then make a decision that you can be proud of. Getting out of debt isn’t always easy, but it is truly always worth doing. Good luck with everything that you do!