Due to the shocking rise in the debt level in the UK, countless people are getting bankrupt with every passing day, the major reason for which is lack of awareness, as many customers are not aware of the fact that they can avail many options to avoid a bankruptcy. This is why getting suggestions from a financial consultant is crucial.
Usually, these are your unpaid bills that propel you towards bankruptcy in an unnoticeable way. There are many who like to take some steps to organise their finances, but soon their planning gets down to drains when some huge bill appears in front, and they do not have enough to pay for it because they have to pass the month ahead with little money.
Things become even worse when there are notices for payments demands and you have no other option except to ignore them, as you don not have even a penny to pay for it. More often, your debtors are polite at first, but when they find you inattentive, court letters and bailiffs are sent to you. In short, things become quite difficult to manage, and it becomes almost impossible to get back on the track.
Often it appears that bankruptcy would wipe out your all sorts of debts, but it is not so in actual. You must bear in mind that the government officers and the official receivers have their eyes on your different assets that also include your car and house. They can force you to sell the things for which you struggled hard to achieve in the past. So, do not think that bankruptcy is a solution, contrarily it can make things worse and you definitely need to consider some other options to avoid some additional financial problems.
In case you discover that you are on the verge of this final stage, and believe that filing of bankruptcy is the only available option, you definitely need to think again as you have a chance to redeem your finances. An independent financial advisor may be able to provide aid in solving this problem, by arranging an IVA or Independent Voluntary Arrangement for you.
By using it the right way, you can make an IVA work for you, even in the worst financial conditions. A meeting between the debtor and his creditors is arranged during which a term of payment is agreed upon, in this sort of agreement.
Many cases prove the effectiveness of an IVA, particularly for those who had bad finances and were unable to find out any solution for such a situation. However, the best thing to do in order to make the most of this kind of arrangement is to plan things in a proper manner.
Seeking help from a financial advisor is also a good idea, as a financial advisor has already dealt with such kinds of situations on a large basis. Although you can arrange an IVA by yourself, there are greater chances of its acceptance if it is arranged via a financial advisor. - 29866
Usually, these are your unpaid bills that propel you towards bankruptcy in an unnoticeable way. There are many who like to take some steps to organise their finances, but soon their planning gets down to drains when some huge bill appears in front, and they do not have enough to pay for it because they have to pass the month ahead with little money.
Things become even worse when there are notices for payments demands and you have no other option except to ignore them, as you don not have even a penny to pay for it. More often, your debtors are polite at first, but when they find you inattentive, court letters and bailiffs are sent to you. In short, things become quite difficult to manage, and it becomes almost impossible to get back on the track.
Often it appears that bankruptcy would wipe out your all sorts of debts, but it is not so in actual. You must bear in mind that the government officers and the official receivers have their eyes on your different assets that also include your car and house. They can force you to sell the things for which you struggled hard to achieve in the past. So, do not think that bankruptcy is a solution, contrarily it can make things worse and you definitely need to consider some other options to avoid some additional financial problems.
In case you discover that you are on the verge of this final stage, and believe that filing of bankruptcy is the only available option, you definitely need to think again as you have a chance to redeem your finances. An independent financial advisor may be able to provide aid in solving this problem, by arranging an IVA or Independent Voluntary Arrangement for you.
By using it the right way, you can make an IVA work for you, even in the worst financial conditions. A meeting between the debtor and his creditors is arranged during which a term of payment is agreed upon, in this sort of agreement.
Many cases prove the effectiveness of an IVA, particularly for those who had bad finances and were unable to find out any solution for such a situation. However, the best thing to do in order to make the most of this kind of arrangement is to plan things in a proper manner.
Seeking help from a financial advisor is also a good idea, as a financial advisor has already dealt with such kinds of situations on a large basis. Although you can arrange an IVA by yourself, there are greater chances of its acceptance if it is arranged via a financial advisor. - 29866
About the Author:
Edward Woodwards is a financial expert and has written many books. You may get his expert iva advice by visiting his recommended website at http://www.iva.org.uk
