If you’re in debt, it’s easy to be seduced by IVA advertisements offering debt help and an easy way out, but be warned, these companies are looking to make money from your frustration. There is no easy way out of debt or the possibility of bankruptcy , you have to consider all your incomings and see exactly what you’re wasting and where you can make cutbacks. You need to see what interest you are being charged and work out clearly who you owe money to. No company is going to find a ‘little known legal loophole’ to give you a cause to not pay. These companies are just trying to reel you in to pay for their services.
If you are honest with your creditors when you find yourself in financial difficulty, they are far more likely to treat you fairly. You may find yourself paying a reduced rate of interest whilst a debt is cleared, and even be able to offer a reduced lump sum to clear it sooner. Hard work is the key to paying off debts; not wishing on stars and wasting time on schemes like this.
There are some excellent debt charities, such as CCCS, who offer free debt counselling and advice. They will help you work out a debt-repayment plan for free. If you’ve run up debt, you have a simple moral obligation to tighten your belt and pay it off.