Personal debt consolidation
is the art of getting the most money written off by your creditors.
If you are entering on a proper debt consolidation plan or IVA, which
you should be (rather than taking out another loan which may put your
home at risk) you should know that the important part is at the beginning
of the process, when you can wipe out up to sixty percent (in some cases
up to seventy percent) of your debt at a stroke across all your creditors.
An IVA (Individual
Voluntary Arrangement) is a form of personal debt consolidation set
up by the government to try to eliminate personal debt and to deal with
the issue of individual insolvency. Our associates are licenced to give
IVA advice on the basis of the fact that IVAs can never be one-size-fits-all
fixes to any money problem, because each person's circumstances are
The needs of one
household or one individual can vary greatly from the needs of another
person. Any personal debt consolidation advice given must take into
account the uniqueness of the situation in which people find themselves.
In general an IVA
will run for 60 months and when this is complete all the debts are cleared
from a person's credit record. During this time none of the banks are
permitted to harass or pursue the debtor in any way. The IVA carries
with it all the benefits of bankruptcy and none of the disadvantages.
An IVA writes off
most of a person's debt at the start of the plan (although be wary of
the claims made in some circles: it is seldom more than 60 or 65% of
total unsecured debt which can be cancelled). Any decent personal debt
consolidation advice of this nature will make sure you get the optimum
results with the lowest repayments together with the highest percentage
of debt write-off.
So complete the
online form below for impartial and independent personal debt
consolidation advice for your own circumstances.
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have a super-quick and highly professional debt consolidation service.
A qualified and experienced Insolvency Practitioner will be personally
assigned to you and you will get a telephone call back from him or her
very quickly (or whenever you specify on the online form).
part of the process of personal
debt consolidation the insolvency practitioner will be skilled at
negotiating with your creditors all together, and persuading them to
reduce your debt by as much as possible. Under present legislation IVAs
must be drawn up collectively and with the consent of all your creditors;
no separate agreements with individual creditors are possible. It takes
skill to do this, which is why you should consider your personal debt
consolidation firm wisely.
After the insolvency
practitioner has wiped out most of the capital sum of your debt you
will now be faced with paying off only thirty to forty percent of what
you originally owed. For most people, this gives a tremendous sense
of relief. How much better is this than just paying out more monthly
instalments on a loan, which will just end up getting people in deeper
debt? After all, personal debt consolidation should not be about creating
more financial difficulties further down the line, but rather ameliorating
those present difficulties which are already being experienced.
After five years
(six years in Scotland) the debt is cleared completely, assuming that
the monthly payments have been adhered to as proposed and agreed. Now
there is time for a new start. There is none of the stigma of the sort
associated with other more severe forms of personal insolvency such
as bankruptcy, and the client will start off with a clean sheet. Personal
debt consolidation, when executed properly by a reputable firm, will
result in a complete recharging of the batteries and the prospect of
a future completely without debt at all.
Now go back
up to the application form and change your life today!
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