In modern times it is not uncommon for a family to be living with debt. Even individuals can be drowning in a mountain of debt that they do not know how to get out from. There is help for people that have gotten into debt. An Individual Voluntary Agreement or as IVA account can help a person get control of their debt.

This account is a formula solution to debt and will allow a person to consolidate their debts. This way they can make one monthly payment that is more affordable than paying all of the debt individually. The interest rates are lower as well. 

When a person is looking to consolidate their debt using the IVA there is a free online calculator they can use to see how much money they are going to save. They will enter their debt information such as their mortgage, taxes, and other information. They will then hit a button and see how much lower their monthly payment can be with an IVA. 

There are many benefits when paying off debt with the IVA program. A person will get to stay in their home and they will get to continue to drive their car when they are paying back the debt. All interest charges will be stopped. A person will not have to speak to or have any contact with their creditors.

The money that they pay will be distributed to the creditors every month. After 5 years a person will be debt free as long as they make their monthly payments. Within 60 months a person can get their finances back on track and can stop action from the creditors.
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