Debt Advice from National Helplines

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The UK Insolvency Helpline has already helped millions of people avoid getting into debt by assessing each individual’s problem and recommending the RIGHT SOLUTION to make them DEBT FREE. The UK Insolvency Helpline offer a range of solutions for people with debt problems and can help people in all kinds of circumstances.

You may think you are OK with your personal debts, but could there be trouble ahead? The UK Insolvency Helpline has drawn up a list of questions that will demonstrate whether you are in control of your finances or in need of debt advice .

•           Would you say your debts are already giving you problems?

•           Do you have any money left at the end of each month afterpaying all your bills, but before amounts you might regularly save?

•           About how much do you spend each month repaying what you haveborrowed? (Include credit cards, store cards, personal loans and car loans, but not your mortgage.)

•           Did you set up more than half of your credit agreements (credit cards,store cards, loans, mortgage) in the last 18 months?

•           Have you applied for credit (credit cards, store cards, loans, mortgage)more than once in the last six months?

•           Have you missed any required payments on your credit cards, storecards, loans or mortgage in the last six months?

•           Do you owe more than half the credit limit on any of your cards?

•           Do you regularly take cash advances on your credit cards?

•           Do you usually pay the minimum on your card?

If you have looked at these debt questions are worried you may be quite badly in debt at the moment and are struggling. Please don’t panic, but do take action now before matters get worse.

There are steps you can take to improve the situation and the most important thing is to tackle your debts straight away, before they get any worse.

Bankruptcy and IVA to clear personal debts

Bankruptcy can be the best way out of debt for some people, but in many cases an IVA is a preferable alternative, as it can avoid a lot of the negative consequences associated with bankruptcy. Unlike bankruptcy, an IVA almost always allows borrowers to keep hold of their home – although they will be expected to release some of the equity in their home in the fourth year – and it does not carry the publicity or social stigma that bankruptcy does. It also does not prevent people from running a business or taking other positions, like bankruptcy does.

There are some people who feel that bankruptcy is a more appropriate way out of insolvency than an IVA. That’s mainly because bankruptcy is over more quickly – normally after a year – and it typically results in less of the overall debt being paid off by the borrower.

If you think you are likely to get into debt, or if your debts are already a real worry, you’re not alone. The UK Insolvency Helpline can help you to sort yourself out, and all you need to do is contact them by calling 0800 074 6918 or log onto www.insolvencyhelpline.co.uk. The trained debt advisers can also help you to work out a budget, prepare a plan for paying off your debts and draw up a financial statement to show your creditors.

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