Congratulations! You've decided that now is the time to really get a handle on your debt. Becoming financially solvent will make your life a whole lot less stressful, and will allow you to finally do the things that you want to do with your time.
There are a lot of strategies to take when paying off debt. Most of the popular methods require using/hiring a debt consolidation agency to bring yourself down to one monthly payment. This doesn't work for every situation. A good alternative to consider is what's called an individual voluntary arrangement.
What Is An Individual Voluntary Arrangement?
This method of debt payback is used in lieu of a debt consolidation service (or worse: bankruptcy). You'll be working with what is called an insolvency practitioner. With information about your current and future financial situation, these experts figure out what you can afford to pay towards your debt each month. You turn that money over to the practitioners, and they in turn will pay your creditors.
This gives you more flexibility than other debt payback options, as the amount you pay can remain fluid based on your changing situation. You also have an advocate in the practitioner, someone who can help keep you on the "straight and narrow" until your debts are paid back.
What Do You Need To Know Before Seeking This Option?
Most people in financial situations like this avoid looking at their overall situation. It's much easier to ignore the problem when the scope gets so large. Your first step is going to be breaking out of this mindset.
You need to get a full picture of your financial situation, so that you're prepared when you meet your insolvency practitioner. Find all assets, debts, and other liabilities that make up your situation. Figure out your current income streams, and do your best to plan out how they will change in the coming months and years.
Don't worry about having a perfect plan, or if the information you've gathered doesn't make sense to you. The practitioner will put the pieces together, and it's part of their job to make sure you understand your situation and how it will be moving forward.
Who's Services Are Worth Using?
Choosing your financial advocate is going to be a big decision. Individual Voluntary Arrangements London will only work if you have a practitioner on your side that cares about your financial well-being, who has the skills needed to make you solvent again. Continue your research online today, and the correct individual/firm will appear sooner than you think!