Pros and Cons of an IVA

Looking at an Individual Voluntary Arrangement (or IVA) through the eyes of the person in debt reveals the pros and cons of the process. Once an IVA is accepted at the meeting of creditors, you can look forward to enjoying a considerable number of advantages, provided you stick to the agreed terms for the duration of the IVA. As with any Insolvency solution, there are also some cons to be aware of in an IVA, especially if the IVA should fail. We have outlined the advantages and drawbacks in this article.

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Dealing with Personal Debt via Bankruptcy

In our first three articles in this series, we looked at Debt Consolidation, the Debt Management Plan and the Individual Voluntary Arrangement as three of the main approaches for dealing with personal debt problems. In this fourth and final article we will briefly look at the last of the main processes that are specifically targeted at debtors who are insolvent i.e. Bankruptcy. Continue reading

Dealing with Personal Debt via an Individual Voluntary Arrangement

In our first two articles in this series, we looked at Debt Consolidation and the Debt Management Plan as two of the main approaches for dealing with personal debt problems. In this article we will briefly look at the first of two formal processes that are specifically targeted at debts who are insolvent i.e. an Individual Voluntary Arrangement. Continue reading

Coping with the Worry of Personal Debt

Serious personal debt is a huge worry for many people. When the level of debt becomes unsustainable, the worry can lead to stress and to the effects of more serious health and relationship problems. The journey from being debt free, having money in the bank, being in rewarding employment, earning a good income, enjoying a decent standard of living and living a happy life with spouse and children to being unable to pay bills or to service debts can be a cruel one. Continue reading

Dealing with Personal Debt

Plenty of people have private day-to-day money worries. Many people wish to do something relating to them, essentially to get them to disappear. There are many approaches to situations of individual indebtedness to choose from. The thing is when and where to commence. We want to fully grasp how serious our problems are and score our predicament on a scale of one to ten. A score of one could be a status of being prosperous and comfortable with ten being in a condition of ‘hopeless’ individual indebtedness. However of course that there’s always hope! Especially in the UK where enlightened laws and the ‘fresh start’ strategy for personal debt is offering more than just hope. There are attractive alternative options that the fiscally burdened person can certainly carry out, no matter what the severity of personal insolvency. Continue reading

How Debt Can Affect a Family

Being in debt is a very harrowing experience and affects all areas of an individual’s life and affects their family as well.  The level of debt varies from family to family, but the effects appear to be the same. People are suffering from distress and stress, depression and aggravation of illnesses, such as diabetes.  We have also found that the level of communication is also a factor in how the families deal with their debt.  Do couples talk about their debt, or is it hidden from each other?  It appears to be important that the couples have talked about how the debt has arisen and if one person has created all the debt, that individual has “confessed” all of the debt that has been created.  Debt can result in family trauma, for example separation and divorce, and there is hearsay evidence to say that 99 per cent of all bankrupts are either separated or divorced. Continue reading