IVA vs Debt Consolidation?
December 11th, 2008
Why people like to consolidate their debts or get into IVAs (Individual Voluntary Arrangements)? People who are in debt always looking for any debt solution that can help them to lower rate their monthly payments and also assist them to be debt free.
Actually we can do both either Debt consolidation loans or IVAs . However there are really different which is debt solutions is suitable for people who in very different situation. Whether which one is good or bad is depend. The question is which is most suitable for the individual in debt.
Then the first thing is the issue of eligibility. IVAs is only available for people who really can’t keep it up with their outstanding payment. Theoretically debt consolidation is available to anybody has the right to take out a new loan that’s large enough to pay off their other unsecured debts.
Secondly, there is the total debt to consider. IVAs are normally only suit for people who owe at least £15,000. For debt consolidation there are no minimum amount to make someone qualify . As long as they manage to pay for it just go ahead.
If you still have some question to know between these two. Please contact a professional debt adviser.
Posted in Debt