Think of money lenders, and the first name that comes to mind is that of Shylock, the Jewish money lender in Shakespeare’s popular drama, The Merchant of Venice. Shakespeare’s money lender played along with the stereotype prevalent at the time that money lenders were mean and inhumane people, landing up at the most inopportune times like leeches to suck out the money of the unfortunate borrowers.
Thankfully, this stereotype has been cut down to a large extent. Perhaps part of the reason is that the moneylenders in the world of today are not individuals. Instead, they are corporations. It is a lot more difficult to associate human failings such as dislike, bitterness, and the desire for revenge, with corporations. Sure, they may be made up of a number of individuals, each of whom has a distinct failing. But despite that, the general belief is that the sheer diversity of people will keep the organization fair.
These days, everyone seeks out loans in an attempt to afford more and more things. Thanks to the explosion in the field of loans, we now have access to things that would otherwise have remained beyond our reach. Today, we can think of buying the dream house without those decades of work life. Today, studying in the best universities is not as unreachable as it used to be. Who should we be thanking? The money lenders of the world of today — the finance companies.
Of course, just as we cannot associate human failings with corporations themselves, we cannot expect them to be kind and generous either. All they are doing is business, and we should be professional in our dealings with them as well. But what if you absolutely cannot repay a particular loan?
Relax! Life is no longer that difficult for a defaulting debtor. If you find yourself in such a situation, you should consider going in for an Individual Voluntary Agreement (IVA). By doing this, you are entering into a legal agreement with your creditors, promising to pay them an amount that is feasible as per your monthly income, for a period of five years. Thereafter, the remainder of the debt will be written off.
It does sound like a bad deal for the creditors of the world. But then, not just anyone can apply for an IVA for debt relief. To apply, you have to be working full time, and there will be checks on the inflow and outflow of cash. And if you are concerned that you will not get loans in the future, don’t worry. There are lots of adverse credit loans waiting to come to your rescue.
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