Be Your Own Debt Consolidation
January 30th, 2009 by admin
Not everyone is suited for the debt consolidation process and going through companies that handle this type of work. There is a way to handle your own though. An iva (individual voluntary arrangements) allows you to be the debt consolidation agency. Make an offer to your creditor and pose a binding agreement. Explain your financial situation and request one of the individual voluntary arrangements. If you qualify they will accept or make a counter offer, which is usually much less than your original debt. The agreement also guarantees that after 5 years of successful completion of this agreement, regardless of how much money remains as debt, the debt is cleared.