Is It Possible to Get Debt Free in Your Lifetime?
Yes, unequivocally yes! Unless you are 107 years old and dying of some
terminal illness that gives you no time to live and you are in debt for
hundreds of thousands of dollars – then yes, you are capable of getting
debt free in this life time. In fact, depending on your situation, you
are probably able to get debt free within the next five years.
The program is called Individual Voluntary Arrangement or IVA. Anyone
with a large amount of personal debt can look into the plan, which will
help you get debt free within five years. The way it works is that you
talk to your IVA counselor who goes by the name of Insolvency
Practitioner. You then decide what you are realistically capable of
paying back. They contact each of your creditors and negotiate so that
you pay less each month and you have a set payment.
For the next five years you make those payments and at the end you are
debt free. If you pay your IVA bill on time each month, you will find
yourself in a much better place financially. It is much like taking a
debt consolidation and a debt settlement program together. Your
counselor will work out how much the settlement is going to be for, and
they are going to set it up for you.
You then basically pay back your debt consolidation loan – with each
payment getting you one step closer to being debt free. How would you
like to be debt free in five years? It certainly sounds like something
worth investigating!
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