One way out of debt is to sign up to an Individual Voluntary Arrangement (IVA) which acts as a legally binding agreement between you and your creditors.
There are a number of benefits of to an IVA:
1. The interest rate spiral is brought to a halt
2. The unpaid balance of your debts is effectively written down
3. This could be as much as 75%
4. You replace this with one monthly payment
5. If you stick to the revised payments you are protected from further legal action
6. You avoid bankruptcy and therefore no need for embarrassing notices in the press
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