how to reduce debt quickly

Do you have trouble in finding solutions online in how to reduce debt quickly , when I was 24 I got my self in in a mess with bad money management and just ignoring bank letters and when I looked at all my statements they added up to $48000; I am from UK so my debt was £29000 just short of £30,000 immense I know..

Let me tell you I am a real person, fairly normal to my family and friends most times and trust me it is possible to reduce that amount of bad debt 60 short months.

I remember so vivdly I was horrible desperate and didnt know where to turn. After some long days of intense research online off line and many calles to the Citizen Advice bereaux I found a solution that gave me a second chance which gave me room to breath too.

Here in this article is my experience and knowledge of the how to reduce debt quickly in the most legitimate way without going bankrupt or loosing your house by doing something called the IVA. Now remember i'm a very real person and I am going through the IVA process my self, and I only got 6 months left and my totally debt will be all cleared.

In a nutshell 50% of debt would have been paid and 50% of the rest will be wipe off ...I will of paid a total sum of £15000 to wipe £30,000 , which to be honest it isn't bad is it. Now remember its common for many people to have their debts wipe up to 75%;  it just depends on your circumstance , as this article will tell you later.

How to reduce debt IVA questions

1. what is a IVA

Individual Voluntary Arrangement, is first a government approved scheme in helping people to get out of debt, its basically an agreement that is set up by a registered insolvency practitioner that is a expert in IVA; their role is to allow someone who is struggling with their normal debt repayments to come to an agreement with their creditors by organising a reduced monthly payment.

1. what can an IVA do for you

   First of all an IVA can reduce up to 75% of your debt after the 60 months, after this time you will be totally debt free, this is otherwise known as a total debt solution.

   Unlike being bankrupt you will not be registered on local papers and your name will not be distributed around and you will not be blacklisted from certain professions,

   A IVA is more of a private matter , and it is about you settling your debt with the creditors not you avoiding to pay creditors like a bankruptcy

   A IVA consist of a certain agree amount of money that can be paid back to creditors for example in my agreement with the creditors; with the help of my Insolvency practitioner we agree a sum of £250 a month, now depending on which IVA solution company you go for this can vary as it depends on how much you can afford to pay out as well as some practitioner adding their charges to it ( A tip avoid people who add charges to the IVA..just pay them a one of fee like $280 (£150)

   I know people who are in $80,000 in debt but just paying the same as me, this is due to their circumstances and what they can afford.

A IVA will let you keep most of your assets like a house, cars , pension unlike bankruptcy.

And unlike consolidating your debt or debt management programs (which in my experience and from my friends and family experience is a waste of time) after 60 months all your debts will be paid off, as long as the amount you declare is all of your debt.

how to reduce debt quickly , $48,000 in 60 months continue

1. What are the negatives about a IVA

Now remember a IVA isn't all sweet and honey, you do need to make sure that you stick to your repayment plan, and that you don't miss a payment with out telling the company that setted up your IVA or else your agreement will be void and all your creditors be sending you letters for court action.

You will not be able to get any credit unless its a specialise agreed one such as a IVA mortgage but simple things like a mobile phone on contract or credit cards are out of the questions, but in hind site , its actually a good thing after all it was credit cards and lack of discipline that got me in my £48,000 mess and probably got you in.

And yes before you say you can't live without a credit card, trust me you can I been doing it for the last 54 months, and to be honest you really learn about money management which is so important to staying out of debt after the IVA.

A big lesson you learn and will adopt in the IVA journey is “ DONT SPEND WHAT YOU DONT HAVE”

Even though your credit rating maybe damage for 60 months once its over your credit score rating will start to improve upon successfully completed your IVA arrangement, Unlike bankruptcy you will not be blacklisted for life.

Now I have talked to mortgage lenders and many have said after a year after my IVA I be able to get a normal mortgage as I have proved that I could trusted.

how to reduce debt quickly , $48,000 in 60 months Conclusions

Yes I know it all takes a bit of time but trust me it be worth it just think TOTALLY DEBT FREE! Now 54 months ago I was way over my head with debt coming from very angle but now I only have 6 months to go and I wont have a single penny owing to anybody. Yes its going to cost you effort and some time but trust me 60 months isn't long

The best thing with IVA is you can get on with your life to a pretty high dignify existent unlike the other debt management programs plus you know you actually are making massive action to wiping your dent completely. Debt management programs that one of my family member on has calculated its going to take her 16 years to wipe of her debt which is just little below mine. Which also leaves her living on pennies till then unless she finds a higher paying job.

Now I don't think any debt solution is really the be all and end all of wiping your debt but I really do think that a IVA solutions is the best one and it was for me.

I mean come on with debt management or consolidating all your debt programmes all you doing is freezing your interest , or reducing the interest, but the total sum of debt still has to be paid.

how to reduce debt quickly , $48,000 in 60 months final note

I highly recommend an IVA however before you go about it please do some research online as I don't know your specific circumstances, plus there are plenty of places now that fighting for your business so you most likely get a better dead than me, so go on check to is IVA solution online right now.