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We can help you take control of your finances and get your life back on track with a debt solution such as an IVA
Bankruptcy could be considered as an option to solve your debt problems. It is recommended you seek professional advice to see what your options are before declaring yourself bankrupt.
In the UK, you can declare personal bankruptcy if you are unable to repay your debts. However, bankruptcy is a serious legal process with long-term consequences. You should seek advice in these matters.
We will go through several Debt Solutions for you to explore if Bankruptcy is the best option or an alternative would be better.
If an alternative such as IVA is better, we will go through the pros and cons of an IVA so you can make an informed decision.
If you choose to go ahead with an alternative Debt Solution we can guide you through the process and help you set up a plan.
If you are looking to declare Bankruptcy and would like to explore alternatives speak to us.
Credit Score Pop Up Wording : An Individual Voluntary Arrangement (IVA) is a formal agreement with creditors to repay a portion of your debts over time, but it does have an impact on your credit score and it will be difficult to obtain further credit whilst on an IVA. Once an IVA is approved, it is recorded on your credit report and will typically remain there for six years from the date it starts.
However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will get a fresh start to begin rebuilding your credit rating.
IVA costs are charged for the preparation of your proposal and the administration of the arrangement for the full term (usually 5 years) these costs are charged from the monthly contributions you make into the IVA and are not in addition. Costs will only be recovered on approval of your arrangement and once you commence making payments to it. The fees for preparation of the proposal to creditors and calling the meeting for creditors to vote on its approval are called nominees fees, the fees for running the arrangement once approved are called supervisors fees. There are also some expenses incurred in the running of the arrangement such as the registration fee and the statutory insurance that needs to be taken by law, these are called disbursements. For our arrangements, the total of all of these is £3,650 although this may be adjusted by creditors when they vote on whether to accept. No matter what the end total of costs come to, you can be rest assured that these will be taken from the monthly payment we agree with you.
For free, independent advice, you should visit to Money Helper via their