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If you are finding [url=http://www.hyrmyy.net/index.asp]Investment in MENA Equities - written by Richard Burton[/url] it difficult to manage your finances, and your debts have become unmanageable, then a professional debt [url=http://www.corsodiesperanto.it/woolrich.php]woolrich outlet[/url] management plan or an IVA (Individual Voluntary Arrangement) might be the right debt solution to help you get out of debt. But which one would be more suitable?
Both debt management plans and IVAs can help individuals reduce/freeze the interest they pay on their debt, reduce their monthly debt repayments and draw up a practical, affordable way out of debt.
Here's a look at the similarities and differences between the two debt solutions.
Similarities:
Both debt management [url=http://www.letsplayart.com/viewthread.php?tid=2215366&extra=]moncler outlet Physical Training The Do Something Mentality - written by Eddie[/url] plans and IVAs:
* Involve speaking with a debt expert, asking them to talk to lenders on the borrower's behalf.
* Can help people who can't afford to keep up with their current debt repayments.
* Help to simplify the individual's finances - they both replace multiple monthly payments [url=http://www.par5club.com/louboutin.php]louboutin pas cher[/url] with just one, which is paid to a financial organisation, to be shared amongst the creditors as agreed. (Note that some debt management organisations may not offer this service.)
* Deal directly with a borrower's unsecured debts, such as credit cards, [url=http://cgi.www5e.biglobe.ne.jp/~scale_s/bbs/light.cgi?res=2333%22]barbour outlet Prepared Foods[/url] helping them [url=http://www.riad-marrakesh.fr]www.riad-marrakesh.fr[/url] make sure they can afford their secured debt repayments and their day-to-day living expenses.
Differences:
Debt management plans and IVAs do differ in some significant ways:
* When an individual enters an [url=http://www.tagverts.com/barbour.php]www.tagverts.com/barbour.php[/url] IVA, interest on their debt will be frozen.
* On a debt management plan, creditors aren't obliged to freeze interest - although they're more [url=http://www.davidhabchy.com]barbour sale[/url] likely to do so if they can see it's the best way for the individual to clear their debt.
* An [url=http://www.corsodiesperanto.it/moncleroutlet/]moncler outlet[/url] IVA will usually last for 5 years.
* Debt management plans don't last for a set amount of time. It all depends on a range of factors, such as how much money is owed, whether or not interest and other charges on the debt have been frozen and whether the borrower's circumstances change during the debt management plan. The plan may be cut short, for example, if the individual's circumstances change and they can afford to [url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour pas cher soldes[/url] repay the entire debt in a lump sum, or it may be extended if their circumstances become worse and they need to [url=http://www.corsodiesperanto.it/peuterey.php]peuterey outlet[/url] reduce the size of their payments further.
* IVAs are intended for people with a high level of unmanageable debt, who can't afford to repay it within a reasonable timeframe.
* In contrast, debt management plans are designed for people with debts that they can afford to repay - even if it's [url=http://www.diecastlinks.co.uk]hollister uk[/url] more slowly than originally intended.
* IVAs are formal legally binding agreements - which means that once they begin, creditors and borrowers cannot make changes to their terms (unless an IVA variation is agreed to).
* Debt management plans are informal agreements, and creditors and borrowers are able to make (or at least request) changes to their terms [url=http://www.thehygienerevolution.com/hollister.php]www.thehygienerevolution.com/hollister.php[/url] once they've started.
If you are unsure as to which debt solution may be more [url=http://www.shewyne.com/woolrichoutlet.html]woolrich sito ufficiale[/url] appropriate for you, reading through a checklist isn't enough. Everyone's situation is different and it is important to seek personalised advice from an expert debt adviser before committing to anything.
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Which one: IVA or debt management plan?Article Summary: Choosing between an IVA and a debt management plan can be hard - read our guide for some tips on choosing the right one.
This article was provided by First Debt Management. Find out more about debt management plans by visiting their website today.
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