Debt Consolidation is only one of the options available to you - A Debt Advisor offers Counselling, Debt Management and Solutions to Debt Problems

Enquire Online and you'll be called back at a time to suit you

Solutions to Bankruptcy

What is Bankruptcy?

Bankruptcy is one solution to overwhelming debts that you will never be able to repay. Bankruptcy is the most severe result of being in serious debt. By declaring yourself bankrupt you do get protection from your creditors, but there are also many negative points you should be aware of:

• Your assets (including your home) may have to be sold off to pay your creditors
• Your situation will be advertised in the newspapers and made public knowledge.
• All your bank accounts and credit cards will be closed
• It does create stress and badly affect your future and reputation
• Your landlord will be informed
• You may risk losing your job

Once the bankruptcy proceedings have begun, it’s in your best interest to co-operate fully. Even if you dispute the creditors' claims it is better to try to reach a settlement before the bankruptcy order is made.

There is a better way

A Voluntary Arrangement (IVA) is an alternative to bankruptcy proceedings. A voluntary arrangement for an individual is a procedure whereby the person comes to an arrangement with their creditors in how their debt will be discharged. Your advisor will be able to tell you if this is the best step for you to take. Such a scheme requires the approval of the court and is under the control of a supervisor and insolvency practitioner. An IVA means that you would avoid bankruptcy and it acts as a legally binding agreement between yourself and your creditors. Your advisor would make sure that the amount you would pay back is affordable for you, it would be a fixed amount over a set period (usually 60 months).
An IVA would mean that your home would be protected and you would avoid any publicity as well as personal stress. Fill in the form to get free advice on the best step forward..

FREE and Confidential Debt Counselling Please use our Enquiry Form and call 0800 2800 445. Tell us about your money problems. A Debt Advisor will review your debts, discuss your options and help you to decide on the best solution for you.

© 2007 ReduceDebts.com - part of UK Claim centreLtd | Finance Websites
Your Debt Management enquiry will be passed on to a qualified Debt Advisory Company