To Pay Off Your Debts Fast, Try IVAs, Remortgages, Secured Loans Or Other Debt Management Solutions January 20, 2008
Posted by Vedis in : Credit Cards , add a comment
I used to think that declaring bankruptcy may be my only option when my credit card debts snowballed to $63,809 in April 2007. Fortunately after much reading online, I realized that there are so many debt solutions such as secured loans, unsecured loans, remortgages , ivas and debt consolidation loans available to help people like me to get out of debts fast.
You can take care of the situation by setting up your budget, and a debt payment plan. You can also work with your creditors to see if they can lower payments and interest rates for you. But if they don’t work, you may have to consider an IVA.
IVA (Individual Voluntary Arrangement) allows as much as 90% of your debt to be written off. You pay a single, reduced, affordable, monthly payment for a period between 3 and 5 years after which the unpaid part of the debt is written off by the creditors.
You may also be considering a debt consolidation loan to help yourself get out of debt. When you consolidate your debt, you pay off the balances on your credit cards, and other loans with the money that you receive from the new loan. After you do this, you only have one payment to make instead of several.
It may also lower the interest rate and lower your monthly payment amount by extending the term of the loan. However, if something were to happen to you and you were unable to make the payments on your home equity loan, then you could lose your home.
Another alternative is to get a debt management company to manage your debts for you.
Just tell them who you owe money to, how much you owe and how much you can afford to pay each month. They then take over and negotiate with your creditors to agree affordable monthly repayments. They make the payments on your behalf to reduce and clear your debts.
You make one single affordable payment to the debt management company each month and they pay your creditors. With debt management your debts steadily reduce until you have repaid what you owe.
There are many companies offering debt management, so make sure you look for debt management companies like MoneySolve that provide an ethical approach to debt management. That means they will only recommend debt management if this is the right solution for you.
MoneySolve also offers IVAs (Individual Voluntary Arrangements) which can help write off over 50% of your debts, in some cases as much as 90%!
