ADV - Debt management

How bad is the economy now? Today's economy has fall into a critical state and many people are worried about losing everything they have. Many are trying different ways to protect themselves to survive through these tough days. People are living with great depression and fear during bad economic crisis. Many have lost their jobs and some are living with debts.


And for people who struggling with debt, they suffered heavier burdens. They are trying to live like a normal person who lives in debt free situation. So how can one manages his debt efficiently at this critical time? One should consider applying for an Individual Voluntary Arrangement (IVA) to avoid being bankrupt. It is a formal binding agreement made between you and your creditors. The reason for creditors to accept an IVA is that they are likely to receive a higher divedend than they would for your bankruptcy. By accepting an IVA, you will need to make monthly payments and from that, a dividend is paid out to the creditors. An IVA usually last for 3-5 years. It is really wise to read more about Debt Advice to get your debt clear. One should start applying for an IVA as soon as possible.