09:48 08 November 2013
There are two great methods that you can use to deal with unsecured debts and they are Debt Management Plans (DMPs), and Individual Voluntary Arrangements (IVAs).
Under IVAs, those with mortgaged or owned properties are usually subjected to equitable release all in a bid to favor your creditors. This process will increase your creditor’s dividend although; a large amount of the debt will still be cancelled. Some major facts about IVAs are:
A DMP, on the other hand, is not legally binding so your creditors don’t have the full rights to freeze your interest rates or charges. The advantage DMPs have to IVAs is the fact that it is flexible and may remain open even in difficult circumstances.
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