Hello Bill,
An IVA is an extremely effective way of helping people to get rid of their debt problems and to make a fresh start. However you need to make significant changes to the way you do your budgeting not to have the same difficulties in the future.
Come up with a plan, decide what your priorities are and live your life accordingly. Create a goal, such as holiday.
Once you have had that agreement with yourself, everything else fits into that framework.
If you do not do anything about your debt, you will pay more in interest than the original expense. Why do you want to pay the credit-card company all that money, when you could be paying that money to yourself?
Once you are debt free, you should look in to savings plan. Create an emergency savings fund equal to three to six months' worth of expenditures. The idea is to be prepared for when unexpected expenses pop up, such as a major home or car repair bill. If you do not have an emergency fund, you will probably have to turn to your credit cards. You also need to educate yourself. If you do not understand a financial concept or issue, find the answer. Get help from financial advisers, books and the Internet.
If you would like IVA advice or simply to discuss the IVA process in greater detail, please contact us.
Regaeds,
For more information about IVAs, please visit my website:
www.supersonicsquirrel.net
