When we are in debt, for the most part, we feel in control of our finances and we don’t worry too much about things going wrong. When the inevitable happens and something does go wrong, whether it’s the loss of a job, or the breakup of a relationship or illness we are left hopeless and feel alone.

The fact is you are not alone. The majority of us at one point or another, lose control of our finances, and struggle to meet our commitments. It is usually only when we can’t pay our bills that other areas of our lives suffer as a result. This is when we take notice of our situation and think about possible solutions.

If your situation has progressed to a level where you are considering bankruptcy then take a step back and read through this page of advice.

Bankruptcy is the absolute last resort for any individual with debt worries, and there are other solutions available that are less destructive than bankruptcy.

An IVA. Is a much more sensible option to bankruptcy depending on your circumstances. In short, with an IVA, you get to keep all your assets. You are less restricted in terms of future employment and ultimately your credit rating will improve over a period of time.

An IVA is a legally binding agreement, registered with the courts and setup and managed by a licensed insolvency practitioner. The insolvency practitioner doesn’t work for your creditors but for you and be rest assured they will act in your best interests.

The insolvency practitioner will take details of what your income is and your expenditure. Then they will list how much you owe, and to who. At that point you no longer need worry about further collection activity.

Within 24 hours the Insolvency Practitioner will make contact with your creditors and at that point they are bound legally not to hound you any further.

The insolvency Practitioner will make an offer to your creditors of somewhere between 30%-50% of what you owe them. This sum will usually be repaid over a 60 month period.

The IVA has to be agreed by 70% of your total debt. Don’t be confused that this means 7 out of 10 creditors, it doesn’t work like that.

Example……

If you had £40000 worth of outstanding credit card debt with six creditors. Creditor’s A,B,C,D,E,F. If Creditor A was owed £35,000 and each of the others were only owed £1,000 each. Creditor A would decide if the IVA should proceed as they own more than 70% of the total debt despite them being only 16% of all the creditors.

In most cases the interest is dramatically reduced or even frozen.

During the course of the IVA your circumstances are regularly monitored to ensure you can still afford the payments.

An IVA is a brilliant solution to serious debt problems, and a must against bankruptcy.

Contact us today and end the misery. You are just two clicks away from a new start.