123 Debt Solutions
Free Initial IVA Debt Advice & Help
Bankruptcy Help
Many people in the UK get into serious financial trouble. The statistics are on the increase, repayments become harder to make, the mortgage in arrears, debt recovery companies and court action threatening. It's all a bit much. Some people think that perhaps bankruptcy is the answer and it is a viable solution for those people who are unable to help themselves out of their financial problems.Bankruptcy is a serious legal step with lots of implications for you, your career, your home and your family. Before beginning any action towards bankruptcy, it's important that you speak to some experienced counselors who can advise you on whether this is indeed the right step for you. There are other options, and once you've heard all of them, you may still want someone to assist you the financial and legal complexities.
A great individual alternative to bankruptcy is an IVA, an Individual Voluntary Arrangement, this is best for people who owe more than fifteen thousand pounds of unsecured debt (meaning it isn't tied to your home for security) and who could manage monthly payments to be debt free within five years, without some of the severe restrictions placed on those who choose to become bankrupt. It is also the best route for those who would like to keep their home and/or car. You will also be to agree an amount to pay back each month, which all goes into a single fund and then is distributed between your creditors (that's the people who you owe money to) over five years.
There were over fourteen thousand bankruptcies in the UK last year. The implications for those taking the step include the loss of assets, potential dismissal from their employment (for those involved in a sector where bankrupts may not work), extreme difficulty getting credit in the future, and potential public humiliation and the social stigma involved. Despite all of this, many are willing to take that step to ensure future financial freedom.
If you would be interested in getting help with Bankruptcy or would like to talk about other options, call us freephone on 0808 22 22 123.
Its as easy as 123, call 0808 22 22 123 or fill in our online enquiry form.