Is my situation serious enough for an IVA?

An IVA (Individual Voluntary Arrangement) is a debt solution designed to help people in particularly serious financial circumstances. To be eligible for an IVA, you must have unsecured debts that you can no longer afford to repay within a reasonable timeframe – but you must still be able to maintain regular monthly payments towards them. In other words, you must have a significant amount of debt, but you must also be receiving a regular income.

However, even if your situation is serious enough for an IVA, it might not necessarily be the ideal solution in your circumstances. Sometimes, another solution – such as bankruptcy – may be more appropriate.

An IVA explained
An IVA is a legally binding agreement between you and your unsecured lenders. In it, you’ll agree to repay as much of your unsecured debt as you can over a fixed period of time (usually 60 monthly payments, or five years, but this can sometimes vary). Read more

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Debt Relief Options

In today’s times, debt is an issue for many people in North America. Not just the USA, but in Canada as well. Many folks are living on credit just to survive. With gas prices soaring, and the cost of living increasing despite the recession, folks are forced to take out additional loans, mortgages or credit cards just to get by.

For some, their current debt is already more than they can manage. With creditors calling night and day and no help from your bank, it can be extremely stressful to attempt to deal with it all yourself. Debt relief is all you think about and it’s all you can do to keep the creditors from your door. Or worse, throwing you out of your house once and for all.

Debt relief can mean many things, depending on your situation. Or how far in debt you are in already. You really can get the help you need to manage your finances and relief from debt. Here are a few options you may consider: Read more

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