It’s been told time and time again, that being in debt is like driving oneself to take on a heavy burden. Yet, even if we are all aware about the effects, there are still some of us who are unmindful of possible repercussions.
Having said that, the negative effects of debt to our credit score and credit history, is not something to sneer at. Any delinquency stays on that credit history. Nowadays, credit score is very important because creditors are not the only ones concerned about ones credit worthiness. A potential employer, a potential landlord and even ones insurance company need that detail to decide on your fate.
More than the effects on our credit score, it is the effect on our day to day life that is very crucial. More often than not, if one is burdened with debt, family life is sacrificed, because anyone in debt is consumed with the current situation.
If you or anyone you know is struggling with debt, let them know that an IVA, known as Individual Voluntary Arrangement may be their best option. It’s the best route to becoming debt free, as an IVA will cut the amount one owes (typically by 50% but in some cases by up to 70%), freezes the interest that is being paid as well as prevent creditors from taking actions against the one in debt. And all of these, are backed legally.
This Holiday season, let that friend or loved one be aware of IVA. It may just be the best gift they are about to receive for the holiday.