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The amount of debt you owe keeps growing by all the interest and charges that the credit card companies are charging you. You can’t even make your least amount due on the bill. You and your spouse are arguing over the money problems almost daily. The creditors won’t leave you alone with the telephone calls and the letters they are sending you.

What should you do to stop this financial meltdown? An Individual Voluntary Agreement might be the right choice for you.
If your debt has reached at least £15,000, and is owed out to at least two creditors, and you are regularly employed you can apply for an IVA. You will make repayment monthly that is affordable to you for a term of usually five years.

As long as you made all of your repayments, at the end of the term your creditors write your debt off. Most of the time this amount is less than what the actual amount that is owed. In this case you can avoid bankruptcy and will be able to keep your property. As with bankruptcy your credit will be affected for six years.

Once the interim order is awarded to you the creditors can no longer contact you. The charges and interest they have been adding to the debt will freeze. If any of them had a legal action against you then that to will cease. As you should before making any financial decision like this, seek the advise from a professional financial adviser.