With Pros Come The Cons of an IVA

Debt is a serious matter and it can make life hell for the debtor as any debtor would agree to. Once a person is in debt, every penny that is spent by him/her even on necessities causes him/her stress which is why you might have heard that many debtors contract illnesses just because of the stress. If you live in the UK, there is a great agreement for you that can get you out of debt while giving you a lot of relaxation and that debt is called Individual Voluntary Arrangement or IVA. It is true that there are people who opt for IVA every thirteen minutes in the UK but as with everything, there are cons associated with it too. We consider it our job to deliver the whole of truth to the leader which is why you will find complete information on pros and cons here on IVA so let us have a look at them.


The advantages of IVA are quite huge like the debtor has to pay up affordable amount of money every month and nothing overboard. He/she does not need to give up on his/her house which is a huge pro as every debtor fears that he/she might lose her home. Another great thing about IVA is that all the interest and charges are completely frozen under IVA.


The whole agreement is of 5 years so the debtor needs to be vigilant about the payment every single month for 5 years. All the details about your debt and credit would be written down in the Insolvency Register and your credit file will also display information about the arrangement for 6 whole years. Another con is that it will not be as easy to get loans of different sorts.

Home Loans: Non-Bank Lenders Edition

All of us want to have a house in the suburbs with a picket fence at some point in our lives. That’s because we know that it is the best place to be at ease because consistently being around the city can get problematic with all the noise. Of course it can take years before we are able to be in a position where we are confident that we can get a house. Now the biggest hurdle you need to cross in the beginning is to get your home loan application approved.

Now most people tend to think that the only feasible option they have in this situation is to go to a bank when that is really not the case. The other alternative option you have are non-bank lenders. Now a lot of people are reluctant when it comes to non-bank lenders since they are not considered reliable and there is a risk of being scammed. However, if you do your research and ask the right people, you will find a lot of reliable groups that are not just reliable, but also offer better deals than banks.

The biggest advantage when it comes to non-bank lenders is not just the fact that their policies and criteria are comparatively less strict than banks, but also the fact that you can easily get a lower interest rate from them. They tend to have more flexibility, better customer interaction and you can find reasonable fees and payments when it comes to them, which makes it a lot less stressful than you. You can ask around or look up non-bank lender groups in your area to find out more. The Maxima group for instance, is one of the most reliable groups in Australia. For more details on their services, you can visit their website at www.maximagroup.com.au/.

Put It Together

You ever feel like the money your spending is far exceeding the amount you make. If you get to the last day of the month and you’re thinking where you spent all your cash and can’t seem to trace it to anything in particular, it could be time to start making a budget for your expenditures. It’s not as easy for some people as it is for others to be able to have a comfortable living and also manage to pay all the bills so calculating ahead of time how much you should be spending and on what helps to reduce the lack of knowledge as to where all the cash went in the first place.

By learning how to build a comprehensive budget that gives you control of your finances, you have a better understanding of your own financial position and will be better equipped with the knowledge to make informed decisions when something is just a little too high out of your calculated expenses or you want to splurge a little on yourself. If we never treated ourselves out, we’d be working everyday just to pay off bills and that wouldn’t be very fulfilling at all but understanding when we can and when we shouldn’t creates a fine balance.

The first step in any budget building procedure is making a list of what assets you have, how your income affects it and calculating the estimated cost for each expense. Collecting your financial statements from your bank statements to your receipt from grocery shopping helps you to average out your costs so that you know how much you’re going to need at the minimum to get by. That way when you see a new deal for some nice sneakers, you can reason yourself out of it if you don’t need them and they cost too much.