If you suspect that you may be insolvent* (unable to pay your debts), you might be thinking about doing an IVA or  going bankrupt. Certainly if you have been defaulting on repayments of unsecured loans and if you have only been able to make minimum payments on your credit cards or store cards, there is a good chance that you are indeed insolvent.

*One definition of insolvency is the ‘inability to repay your debts as and when they fall due’. Continue reading →