So why is an IVA more flexible than bankruptcy? Well I guess it all depends on your individual circumstances, the amount of money owed, your income and your lifestyle. There are many positives to both an IVA and bankruptcy of course dependant on what suits your individual needs. The flexibility with an IVA is that [...]
Debt Counselling – If you want a sensible alternative to bankruptcy but are unsure where to turn, you may be an excellent candidate for credit counselling. As rates of consumer debt have grown over the past decade, debt counselling services have grown along with it. The best debt relief services can help consumers to dig [...]
IVAs can be a more flexible solution to money problems, and can be a lot less daunting than bankruptcy. Bankrupt people still face the stigma of going through courts; they have their names in the paper and will forever be excluded from certain types of work. But with an IVA, although not a light choice [...]
Bankruptcy should always be viewed as an extreme last resort, yes all your debts will be cleared but all of your assets; your house, your car, anything of value which you own can be sold off to your creditors. As well as this you will be declared bankrupt in the newspaper and this can affect [...]
If you are deeply in debt then it may be that bankruptcy appears to be the only option. There are others and below I briefly mention 3 of them. If you are thinking of bankruptcy then your local Citizens Advice Bureau can advice you of your options and who to speak to next. IVA An [...]
If financial problems wrack you with worry, take comfort in the knowledge you are not alone. In fact, the list of the rich and famous who have struggled with debt is a surprisingly long one. Here is just a small selection; Thinking of buying a whole town? It is not cheap and may well lead [...]
Instead of declaring bankruptcy, how about trying these commonly used debt solutions…. 1. An IVA. These were introduced by the Government as a way of debt management without resorting to the complex legal process of Bankruptcy. You negotiate a percentage with creditors of how much you can pay back, and if they agree you may [...]
One alternatively to being bankrupt is not to be in debt in the first place. That’s easy for me to say, since I have this knowledge first hand. There’s so many simple rules that you can live by to ensure this never happens and I will try to outline the lessons that I have learned [...]
Bankruptcy should only ever be seen as a last resort. The consequences are serious, affecting the person’s ability to retain their home or earn a living through their own business, for up to 15 years. The increased pressure from being in such a dire long-term situation puts pressure on the person emotionally, effecting personal well-being [...]
What is an IVA? An IVA is an Individual Voluntary Arrangement which gives you the facility to set up a formal agreed payment plan with your creditors. In order to be eligible you must have debts of over £15000 that you cannot afford the repayments on. What is Bankruptcy? Bankruptcy is an order from a [...]
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