Financial troubles can happen to anybody. They can be stressful, maybe cause anxiety, even can cause some people to divorce. This does not have to happen to you. There are solutions to financial problems, like an Individual Voluntary Agreement. If you reside in England or of Wales this may be of help to you.

If your debts equal more than £15,000, and owed to at least two creditors you may qualify. You must also be employed regularly. Your bills must be beyond management.

You will pay a monthly repayment, which then is given to your creditors. The amount will be only a proportion of what you owed them. If you own a home, you will not lose it. There is a possibility that you will have to remortgage your property to give the equity toward the IVA, which is supervised by a licensed insolvency practitioner.

An endowment might have to be made available to your creditors, if there is any equity in it. When a interim Order is awarded to you the creditors are no longer allowed to contact you directly. Any legal action against you will cease. Charges and interest that your creditors keep adding to your debt will be frozen. In long term you will be able to have a financial fresh start. You will be able to sleep without the worry of trying to pay your debts.