Are you having trouble keeping up with all the credit card payments that you have? Are you overextended and do not know what to do next? If you are not able to make the minimum payments on your credit cards there is help with debt that is available to you. Many people get credit cards and over use them. They use them instead of cash. Perhaps they do not have enough cash at the time of the purchase. Since credit cards are so easy to use people tend to overuse them, which is a common cause of financial difficulty.

When you have too much debt and you need a way out, you should consider an IVA if you are a UK resident. An IVA or Individual Voluntary Arrangement can help you to get out of debt once in for all. You will not have to worry about high interest payments any longer. If you have late fees they will be waived. An IVA is a legally binding agreement. Once it is accepted the creditors cannot change their minds. They will have to accept the amount of payment that is set up. Sometimes, depending on your circumstances, you can get as much as 75% of what you owe written off. However, regular payments will be set up, which you must stick to. They take into account your finances. They will check your income and your bills. A payment arrangement will then be set up that should be affordable to you and within your means.

With an IVA you will normally make payments for five years. At the end of the five years your debt will be considered settled no matter how much money is paid. An IVA is a good way to finally get out of debt. It will affect your credit in a negative manner but it is only for a few years. At the end of about five years your credit will be good again. That means you will be able to buy with credit once more.

This is when you want to be careful. Many people make the mistake of getting right back into deep debt all over again. They do not learn their lesson. Make sure you do not fall back into the same debt nightmare you just got out of. Always buy with cash. If you do not have enough cash save up until you do. Some people want to say they need to buy with credit because the item they want to purchase was on a super sale. If you stop and think about how much interest you pay on that purchase you will see you end up spending more for it.

An IVA is a great way to get help with debt. There are rules to applying for an IVA. The creditors or a percentage of the creditors must agree to it for it to take effect. Creditors for at least 75% of your debts need to agree to the IVA for it to go into effect. Even though the creditors will have to settle for much less than what is owed they will usually accept the IVA. With an IVA they are assured they at least get some of the money owed them. They do not want to risk you filing bankruptcy.

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You can read more about the UK IVA on the Author’s main website, which provides free help with debt, including reviews and recommendations for the best debt companies.