Potential Solutions.
Debt is a serious problem in the United Kingdom. It is also a serious problem throughout the world. Whether you are having problems with business, or personal debt, you are not alone. There are many potential solutions to your debt problems and you can access them easily through the advice of an authorized and experienced advisor. Depending on your personal circumstance, there may be a number of specific potential solutions, or there may be one that suits your situation perfectly.
If you have more than £750 worth of debt and have no assets (like a house or car) and if you cannot afford to make any repayments, bankruptcy may be an option for you. However, if you have more than £15,000 in debts and you can afford to make repayments, it is possible that an Individual Voluntary Arrangement (IVA) might be a better solution. A monthly repayment rate is set for a fixed term of (normally) five years and after this time, the remainder of the debt is simply written off. Debtors can usually cut their debts by as much as up to 75% this way. An IVA is a legally binding government-approved scheme and whilst it is not as serious as a bankruptcy, it is still a severe financial obligation.
If you are suffering from mountains of interest with several credit or store cards, it is possible that a debt consolidation loan can provide a simple potential solution. All of the debts are consolidated within one single loan, with a fixed term and a fixed interest rate.