Jubilee Debt Management now offers individual voluntary arrangements to UK residents. Individual voluntary arrangements allow residents unable to afford monthly payments on their existing debt to pay their debt off over a period of five years, on average. Residents wishing to take advantage of this option need to have a minimum of £12,000 to qualify for an individual voluntary arrangement. —
At the end of June 2013, outstanding personal debt in the UK stood at £1.425 trillion, almost the same amount as the entire country produced during the entire twelve months of 2012. Of this debt, outstanding unsecured lending accounted for £157.8 billion of this total while the average household owed £5,986. "Consumers unable to pay the debt they currently owe frequently turn to Jubilee Debt Management (http://www.jubilee2000uk.org) for assistance in paying off this debt as they feel they can't tackle the situation alone," David Rogers declares.
A consumer sits down with Jubilee Debt Management to determine a monthly payment they can afford within their budget and, once this payment has been determined, the debt management firm presents this payment amount to the unsecured creditors and creditors representing 75 percent of the debt must agree to this formal agreement before it will be approved. "Consumers learn it is easier to have someone presenting this agreement to the creditors as they cannot be pressured into paying more than they can realistically afford on a monthly basis so they don't create bigger financial problems than they already have," Mr. Rogers continues.
The consumer makes a single monthly payment to Jubilee Debt Management who then divides this payment amongst the appropriate creditors in the agreed upon amounts. After this agreement has been approved by the majority of the creditors, they can no longer take further action to collect the money owed to them as long as the payments are made as agreed. Once the IVA period ends, any unsecured debts remaining are written off. Even creditors who didn't agree to the individual voluntary arrangement are bound by the agreement once it has been accepted.
"Anyone struggling under a mountain of debt may find an individual voluntary agreement meets their needs in a wide variety of ways as it allows them to pay off this debt over an extended period of time and write off any unaffordable debt after a five year period. This not only provides the consumer with a sense of relief, but a new start in terms of their finances, one that benefits many. Consumers wanting to know more about individual voluntary agreements find the information they need at http://www.jubilee2000uk.org where a guide (http://www.jubilee2000uk.org/iva/a-guide-to-ivas-or-individual-voluntary-arrangements-in-the-uk.html) explains this type of arrangement and exactly what it entails. In addition, the site contains an IVA FAQ's section for any questions which remain unanswered," David Rogers of Jubilee Debt Management states.
About Jubilee Debt Management:
Jubilee Debt Management provides information and debt management options to those looking to break free from debt they have held for years. Consumers choose between individual voluntary arrangements, debt management plans, debt consolidation loans and Scottish trust deeds. Jubilee Debt Management works with individuals to determine which solution best meets his or her needs in terms of their debt, through the rapid and efficient regulation of debt.
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