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Bankruptcy, IVA and Debt Management services
Whether you're looking to file for bankruptcy or explore alternative options, we can help you make the right decision.
When you are ready to progress to the next step, just call in to arrange a consultation, or complete a request form, and a qualified advisor from our panel of debt advisory companies will be in touch to help you move forward with your chosen solution. |
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Bankruptcy
If your debt has become unmanageable then bankruptcy is an effective solution immediately freeing you from debt and giving you the chance to have a fresh start.
If you haven't got any assets to protect such as a house, savings or an expensive car (over £2500) and if your occupation isn't affected, then bankruptcy may be more suitable for you than an IVA.
Following bankruptcy your creditors are not allowed to contact you for any previous debts as they are no longer your responsibility. There's no threat of bailiff action either.
You will be discharged after a maximum of 12 months and possibly even sooner depending on your circumstances (some people are discharged after 6-8 months). All of your unsecured debts will be written off by bankruptcy and none of your creditors will be able to pursue you for them anymore.
[+] Read more on Bankruptcy...
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Individual Voluntary Arrangement (IVA)
If you are struggling to manage your debt an IVA could be suitable. In an IVA your repayments are based on what you can afford and in return the creditors will stop all interest charges and any further action against you.
If you have at least £15,000 of unsecured debt owed to three or more different creditors; but have a regular income and could afford to put at least £200 a month into an IVA, then you are in a position to be completely debt free after 5 years.
An IVA also allows your creditors to receive more money back than they would if you were to apply for a Bankruptcy Order. An IVA can also act as a safeguard to losing your home, which is particularly important if there is equity in the property, as you would lose this in bankruptcy.
[+] Read more on IVAs...
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Debt Management Plan (DMP)
If you're struggling to keep up with your monthly repayments then a Debt Management Plan is a possible solution for you. Debt Management Plans are most effective as a short term solution and for debt amounts under £12,000, otherwise you could find yourself making repayments for many, many years.
If you know you'll be more financially stable in the near future, or you're in a position to pay off your debt if your repayments were lower, then a Debt management Plan will help ease the strain from your creditors and sort all of your repayments into one monthly repayment.
Creditors normally welcome a debt management plan as it ensures that they will regularly receive repayments from you. Maintaining your payments ensures that your creditors will not apply for your bankruptcy.
[+] Read more on Debt Management Plans...
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