The world of personal finance can be a real minefield: even if you do you know what you are doing and where you have no immediate money worries. Imagine, then, what it must be like if you are worrying everyday how you are going to pay your next bill, where the money will come to pay the rent, and what to do if the bailiffs turn up at the door. If you find that you are in this position, the time for debt counselling may just have arrived.
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An IVA – or Individual Voluntary Arrangement – can prove to be an extremely useful way of bringing debt problems under control and heading off what would otherwise seem to be the only other alternative, namely bankruptcy. Despite the growing numbers of people forced down such a route, bankruptcy retains not only a painful stigma but several severe penalties, many of which can affect the bankrupt’s present and future employment prospects. An IVA, therefore, can be a very powerful device for avoiding such a fate.
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