If you are trapped by the debts you have to pay, then your problems keep on increasing day by day. You need to have a right advice so that you can save yourself from the problems of bad credit records like bankruptcy etc. You have to have some solid step to avoid these kinds of bad credit problems. So, one way is to pay off all these debts in the same manner you are paying by working hard and hard for days and nights. And the second option before you is to go for the IVA debt advice. The IVA debt advice is a kind of legal agreement which bounds you with your creditors in a legal bonding with some common terms and conditions. You may agree upon some conditions like easy repayment options and lower rate of interest. o You must have to owe at least debts of £15000 to different creditors. o At least 4 creditors should be there waiting for the payment from you and out of 4, at least 3 should agree upon unanimous terms of IVA.
o These debts should be of unsecured nature and you must have the capability to pay it off.
Just by fulfilling these conditions, you can save yourself from the clutches of bankruptcy. This agreement allows you to repay the loan amount within an extended period of 3-5 years as per the consents of the creditors. Further, almost 95% of your debts can be easily paid back to the creditors without any difficulty. Your all debts can be managed very easily with the help of this advice.
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