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Take control of your debt

Facing your debt problems can be daunting. When you're worrying about debt it can feel like it takes over your whole life. Debt can cause much stress and worry. Often you'll be jumping at the sound of the letter box, in case the latest delivery contains a dreaded bank statement or final demand. 

While it may seem easier to simply bury your head in the sand or apply for yet another credit card, this is obviously not the best tactic. With the onset of the credit crunch, lenders are tightening up their criteria, so getting further credit could be a lot more difficult that it previously was. 

A debt problem can often be resolved to the satisfaction of both yourself and the people you owe money to. Try not to let it upset you or cause you undue worry, as there is usually a solution.

If your current monthly payments are far higher than you can afford, you need to take action now.

Through this website you can contact fully licensed debt advisors who will provide you with honest, impartial debt advice and suggest  the best route out of debt given your current situation.

Get free advice and expert help

To get no obligation, confidential & independent debt advice, simply complete our online enquiry form. We offer a free initial consultation, with no up front fees. 

Our advisors are friendly, professional, knowledgeable, and will explain the options and different procedures available to you, clearly and concisely. 

While some companies are focused on the solution that is most profitable for them, we will always recommend the debt solution that is most appropriate for you -  an informal debt management plan, IVA or bankruptcy.

You're not alone

If you find yourself in serious in debt, struggling to make your monthly repayments, you are not alone. Official figures from the government's Insolvency Service reveal there were 106,645 individual insolvencies in 2007 of which 42,165 were IVAs and 64,480 were bankruptcy orders. 

Predictions from accountancy firm Grant Thornton are that a record 120,000 people will go bust in 2008 as the credit crunch and effects of higher interest rates hit home.
IVA

Some borrowers who feel they cannot deal with their debts themselves, turn to an Individual Voluntary Arrangement (or IVA). This is a legally binding debt repayment plan that is supervised by a licensed Insolvency Practitioner. 

There a number of possible benefits including: 
  • Freezing of interest and charges
  • Prevents court or bailiff action
  • Stops creditors from contacting you
  • Enables the reduction in the total amount of debt owing
  • Potentially avoid bankruptcy
  • Safeguards your property
  • Your job is not at risk
Bankruptcy

Bankruptcy is a 'last resort' solution in cases of a very serious debt.

Except for certain exemptions, if you enter into bankruptcy your assets including your home will be sold and the proceeds used to pay off as much of your debt as possible.

Bankruptcy lasts for a period of twelve months, after which time you can make a 'fresh start'.
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