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How To Write Off Debts

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Techniques For Writing Off Debt

The main technique for writing off debts in the UK is the Individual Voluntary Arrangement. This is a formal agreement that can write off the portion of your debts that you cannot repay. You have to make payments for five years based on what you can afford, but after that the remainder is written off. We will look at this in more detail shortly.

For most people, debt is a fact of life. If you are starting a family and you need a home, you will rely on mortgage to purchase a residential real estate property. If you need a way to get to and from work, you rely on a car loan to make such a huge purchase. For those who rely on credit cards to make purchases for their daily living expenses, paying the minimum monthly dues on the card is yet another form of debt.

If you are not that good at managing your money, you can easily find yourself knee deep in debt in no time at all. To give you an idea about when you have reached that point where your debts have become too much to handle, here are a few signs to watch out for:

If any of these situations apply to you, what debt repayment options should you consider? Read on to find out.

Your Debt Repayment Options

The minute that you notice the first signs that you have way more debt than what you can actually afford to pay, that's as good a time as any to reassess your finances. Acquiring and repaying debt could be a vicious cycle especially if you live way beyond your means, so be aware of what your debt repayment options are:

Assessing your monthly living budget:
If you find yourself in a situation wherein you have more debt than what you can actually handle, reassess your monthly budget. Are you paying too much on food, new clothes and utility bills? Which of these areas can you cut back on? After assessing where you’re going overboard, create a more pocket-friendly budget and stick to it.

Writing off debt through credit agreements:
Review your current agreement with your credit card company. A lot of people in the UK get tied up to unfair credit agreements. Negotiate with your credit card provider to see how you can write off debt by making modifications with your existing credit agreement.

Downsizing your home or downgrading your car:
You can also cut up the excess credit cards that you have, downsize your home or downgrade your car.

How To Write Off Your Debt With An IVA

If the worst comes to the worst, you can always rely on an IVA as a viable way to write off debt. IVA stands for Individual Voluntary Agreement. It was originally meant to help small business owners who are in danger of losing their investment if they become close to filing for bankruptcy. Introduced as part of the Insolvency Act of 1986, IVA was later on modified to help out private individuals who are looking for ways to write off debt.

So how does IVA work? Through it, you can have a legally binding agreement which reduces the amount that you are paying back to your creditors. The minute that your application for the IVA has been approved, there will be a lower monthly payment for all your debts. Any late charges or applicable interest fees to your account will be frozen as well.

IVAs usually last for five years and by the end of it, almost three quarters of all your unsecured debts can be written off. Keep in mind, however, that similar to bankruptcy, IVA does have a negative effect on your credit rating. As such, it definitely pays to learn as much as you can about how to use IVA as a method to write off debt before seriously considering it as an option.

Being in serious debt is definitely a scary proposition. But if you know how to take advantage of schemes like the IVA to write off debt, you can slowly but surely crawl your way out of the financial bind that you are in. Just make sure that in the future, you will gain better control of your finances and not fall into a debt trap any more.

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it.
Think carefully before securing other debts against your home.
Repaying debt over a longer period may increase the total amount to be repaid.