Page 2 of Tackle your credit problems

Individual Voluntary Arrangement

An IVA is a formal agreement made { mortgage quotations } through a county court to

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pay off your debts. In return for your creditors writing off a portion of your debt, you pay an agreed monthly sum for between 3 and 5 years. You can also make lump sum payments during the period and this will shorten the IVA period.

But IVA's aren't for everybody. They're best suited to people who have a reasonably high level of income or a lump sum to contribute as the set up costs can run into { mortgages } several thousand pounds. And if you fail to maintain the agreed payments you can quickly be made bankrupt. A specialist Insolvency Practitioner handles all the negotiations regarding the value of your debt to be written off and they also administer the payments to your creditors. { loans }

Bankruptcy

This must be the very last step but it is a step that more people are choosing - in the last twelve months, bankruptcies have increased by a third.

In a bankruptcy all your assets, including your home, may be sold to { car insurance } repay your creditors. Then after a year, all your debts are written off and you are free to rebuild your finances. But the record of your bankruptcy will remain on your credit history maintained by the big credit agencies such as Experian and Equifax for seven years. This will decimate your credit rating and for the first year or two, make it very difficult to obtain a mortgage or any other form of credit.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. LOANS MAY BE SECURED ON YOUR HOME OR OTHER PROPERTY.