There are many reasons why people get into debt such as credit card or store card debt or even debt after a death in the family. Getting into debt can be caused by an unforeseen event such as debt arising from disability, debt from ill health or injury or even debt from redundancy or loss of work. Some people have debt arising from divorce, separation or single parenthood.
The key to solving your debt problems is to get good advice and to take action quickly and as there are so many debt solutions these days, there really is no excuse for not taking action.
An IVA or Individual Voluntary Arrangement is a Government approved scheme that allows you to turn your loans, credit cards, store cards and other debts into one affordable, single monthly payment so that you can pay off your debts and get on with your life. Debt Solutions
It is a formal agreement between you and your creditors whereby you repay what you can afford, usually over 60 months. After which, the outstanding debt is written off. By accepting the IVA, creditors agree to accept lower payments, not to pursue any legal action against you and to write off any outstanding debt at the end of the IVA. You agree to pay as much as you can afford for the time agreed.