Cost of living help in 2023

Written by Steve Maz on January 11, 2023. Posted in Uncategorized.

Cost of living help, the crisis is a growing concern for many people across the globe. The rising costs of necessities such as housing, healthcare, and education have made it increasingly difficult for individuals and families to make ends meet. This is especially true for those living in urban areas, where the cost of living is often significantly higher than in rural areas.

One of the biggest contributors to the cost of living crisis is the growing amount of debt that many people are carrying. Whether it’s credit card debt, medical debt, or student loan debt, the burden of owing money can be overwhelming and can make it difficult to afford even the basics of daily life.

Swift Debt Help, a UK-based company, offers a solution for those struggling with debt in the form of an IVA (Individual Voluntary Arrangement). An IVA is a legally binding agreement between an individual and their creditors. It allows the individual to pay off their debt over a period of time, typically five years, with the help of a licensed insolvency practitioner.

One of the key benefits of an IVA is that it can help reduce the amount of debt that an individual is responsible for paying back. This is done through a process called “debt reduction”, where a portion of the debt is written off by the creditors. This can help make the debt more manageable, and make it possible for the individual to afford their basic living expenses.

Another benefit of an IVA is that it can also provide a sense of financial stability and peace of mind. With an IVA, an individual will have a clear plan to pay off their debt, and they will know that they are protected from further legal action by their creditors.

In addition to reducing the amount of debt and providing financial stability, an IVA also helps to stop interest and charges on the debt, allowing the individual to focus on paying off the principal balance. Furthermore, an IVA also stops any legal action from being taken by creditors, including bailiffs, county court judgments (CCJs) and statutory demands. This provides a level of protection to the individual, allowing them to focus on paying off their debt without the added stress and pressure of dealing with legal actions.

Another important aspect of the IVA process is that it provides a level of transparency and accountability. The individual will have a clear and detailed understanding of their debt and the payment plan that has been agreed upon with their creditors. This level of transparency can be extremely valuable in helping the individual to stay on track with their payments and ultimately pay off their debt.

It’s important to note that an IVA is not a suitable solution for everyone and the process of qualifying and implement an IVA have some formalities. For example, to be eligible for an IVA, an individual must have a minimum level of unsecured debt and they must also be able to make regular payments towards their debt. Additionally, they must live in England, Wales or Northern Ireland. It’s recommended to speak with a professional who can help you determine if an IVA is the right solution for your specific situation.

In conclusion, the cost of living crisis is a significant concern for many people, and it is often made worse by the burden of debt. Swift Debt Help offers a solution to this problem through their IVA service, which can help individuals to reduce the amount of debt they owe, achieve greater financial stability, and stop legal actions from being taken by creditors. If you are struggling with debt and are looking for cost of living help, it is important to explore all options available to you, and seek the advice of a professional. In the right circumstances, an IVA can be a valuable tool in helping you to regain control of your finances and achieve greater financial freedom.