The majority of people around the world are in debt. Whether you only owe a relatively small amount of debt or you’re over your head with hundreds of thousands of dollars in debt, it can make you feel ashamed and hopeless. You may not know where to turn and you probably have creditors hounding you day and night trying to get the money owed. It can make your life stressful and frustrating, especially if you aren’t aware of your options, what you can do to get out of debt and make a change in your life for the better. You don’t have to go on living this way, and these are just a few of the most popular debt solutions available today.
There are various debt solutions to choose from such as the IVA solution, and after considering your options, you should be able to decide on which is most suitable for you. There are advantages and disadvantages that come along with each one, all which are important to consider when making your decision.
With IVA, the advantages include having the telephone calls and payment demands stopped immediately, which is one of the main benefits of this particular debt solution. You won’t have to worry anymore about avoiding phone calls from your creditors at home and even in some cases at work, so you can start enjoying your life again instead of having it taken over by your debt problem. Your creditors are legally forced to stop attempting to get payments from you via telephone, letter and other methods, which is a huge relief. It’s also a good choice because it leaves you with only a single monthly payment, rather than multiple. You come to an agreement on what you can afford to pay each month, so you’re not putting yourself out and always coming up short.
You get protection from court action and your professional status is unaffected, which is one of the main benefits for many people. You don’t have to worry about having any adverse effects to your job when you go through with this debt solution.
Another option for debt management are the Scottish Trust Deeds. These are available to those living in Scotland and are a great option for people to get out of debt, if they meet the eligibility requirements. You can write off the majority of your debt instantly and the program duration is quite short compared to others. There are no setup fees and only a few personal requirements. However, you do have to consider that some debt may not be eligible and also, your credit rating will be negatively impacted and going through with a Scottish Trust Deed may bean you are unable to obtain future credit, at least for the following few years.
Debt arrangement schemes are another option. Pension transfers and life insurance can also help. If you have a lot of debt and no way to pay it off, you may want to consider filing for bankruptcy. Sequestration, as it’s known in Scotland and other parts of the world, the idea may be scary at first, but once you realize that all your debt is erased and you are able to start off fresh, you realize that it’s worth considering. Many people who have gotten into debt have gone through with bankruptcy and are glad at their decision to do so. There’s nothing shameful or embarrassing about it, and it saves you from having to live one more day with the weight and stress of your debt.
Once you’ve learned about the different debt management solutions you have to choose from, it becomes much easier to take that first step. You can start managing your debt and get rid of your debt eventually, and have the chance to start over fresh. As long as you don’t make the same mistakes in the future, you can stay debt-free and have financial freedom for the rest of your life.
Trying to ignore your debt and not dealing with it is only going to make things worse for you. Over time, interest will accumulate, your credit will deteriorate, and you will only feel more ashamed and frustrated. Choose the debt solution right for you and take back control of your finances today.