Credit Problems? Tackle them head on. Page 2

IVA.
An Individual Voluntary Arrangement, commonly shortened to

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IVA, is a formal agreement made through a county court and can cost several thousand pounds to set up. { motor insurance } It pays off your debts and in return for your creditors agreeing to write off a percentage of your debts, you pay an agreed monthly sum. The agreement lasts for between 3 and 5 years with periodic reviews to identify whether you can afford to pay off more each month. Lump sum payments can also be made and this will shorten the period you are in the IVA.

But an IVA's might not be for you. They're best suited to people who have a { personal secured loans } reasonably high level of income or a lump sum to contribute. And if you fail to meet the agreed monthly payments, you can quickly be made bankrupt. A specialist Insolvency Practitioner would handle all the negotiations with your creditors regarding the value of your debt to be written off and also administer the process of repaying them.

Bankruptcy.
This must be the very last step but one which more people are opting for -bankruptcies have increased by a third during the last twelve months.

With a bankruptcy all your assets, including your home, may be sold to { cheap secured loans } repay your creditors. Then after a year, all your debts are totally written off and you're free to rebuild your financial life.

But records of your bankruptcy will remain on your credit history { cheap mortgages } for seven years. These are the records kept by the big credit agencies such as Experian and Equifax and they are referred to by all the banks and lending organisations. Bankruptcy 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. Nevertheless it will give you a clean slate to rebuild from.

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.