If you have literally no money to pay back to your lenders and are in a really difficult situation to keep up with your commitments then bankruptcy might be one of the options that you need to explore.
Bankruptcy should only be considered when all other debt solutions have been looked into, especially an Individual Voluntary Arrangement (IVA). An IVA was introduced by the Government in 1986 as alternative to Bankruptcy.
Bankruptcy is a form of insolvency. If you are made bankrupt:
We’ve helped thousands of people take control of their finances.
Disclaimer: Please see below a couple of reveiws which could vary from person to person, based on the indivdual's financial situation.
"Great. The best thing I ever did, you think it's too good to be true but hey it's so out there. I was paying a thousand pounds a month, now I am paying, wait for it. Two hundred. Yes it's true. Go for it!" Patricia Howell
"So simple, I had worried myself sick about my bills! One phone call is all it took to start things rolling. It was easy, just be honest by telling them everything and it gets sorted for you" Alistair Molyneux
Find out more about managing your money by speaking to The Money Advice Service an independent service set up to help people: Money Advice Service
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Changing Steps UK is a trading name of KAR7 Limited | Registered in England and Wales, Number: 08842648 | Data Protection Act Registration Number: ZA037480 | Address: 11-17 Fowler Road, Hainault Business Park, Ilford, Essex, IG6 3UJ
Michael Howorth is authorised by the Insolvency Practitioners Association to act as a Licensed Insolvency Practitioner. IP Number 9135
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KAR 7: specialise in providing and administering Individual Voluntary Arrangement (“IVA”) solutions to individuals based in England, Wales and Northern Ireland. We do not administer Debt Management Plans, Debt Relief Orders, or any other debt solutions.
We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for an IVA, therefore, all advice is given in reasonable contemplation of an insolvency appointment.
To qualify for debt write off in an IVA with KAR 7, you must have a minimum of £6000 of qualifying unsecured debt owed to two or more creditors. A debt write off amount of between 25% and 75% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.