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There are various companies/professionals that offer 'debt advice' in this country. Since the very well documented credit crunch many people have sought such advice.
Arrange a callback from
an experienced debt advisor
an experienced debt advisor
Posted June 10th, 2008
Do you qualify? Your debt needs to be at least £15,000 and you need to provide proof that you are in a position to make minimum repayments of at least £200/month.
You will need to find an insolvency practitioner, your local Citizen's Advice Bureau is probably a good place to start, both for good initial advice and to help you find a practitioner.
Posted June 8th, 2008
An IVA (Individual Voluntary Arrangement) is drawn up by an Insolvency Practitioner. It is an agreement to pay a set amount each month and usually lasts for 5 years. The interest on the debt is frozen and if the debtor keeps to the agreement, the debt will be cleared after 5 years. 75% of the creditors must approve before IVA can be set up.
Before an IVA
What you need to know
During an IVA
What goes on?
After an IVA
Advice on remaining debt free
