If you find that you are struggling and you qualify for an IVA, this is often your best choice. But it is a good idea that you research your options before you enter into any legally binding contract.
Below are some of your options, but for expert advice please contact us on our freephone number, 0808 131 9112.
An IVA is only open to residents of England, Wales and Northern Ireland. If you are a resident of Scotland then a Trust Deed is an IVA alternative.
This is an alternative debt repayment plan to an IVA. It is not legally binding between you and you creditors and therefore offers you a flexible alternative to an IVA. It shows your creditors that you are committed to repaying your debt in full, therefore it will reduce the pressure applied by your creditors.
Bankruptcy should only ever be considered when all other options have been exhausted. You will need to take professional advice from a Licensed Insolvency Practitioner.
This is when you consolidate your existing unsecured debt into one more affordable payment, which will be secured against your home.
Never secure your unsecured debts on your home if you think you may struggle to make the repayments in the future, because you are putting your home at risk. Seek expert help to determine whether you can afford the repayments
Unsecured Lending
If you have a poor credit rating then getting unsecured lending at a sensible interest rate is always going to difficult. What might be a better option is to reduce your payments on your outstanding debt, which is why you might want to consider debts management.