Consumer debt has now reached extraordinary levels, steered by low interest rates and easy access to credit and the increasing use of payday/short-term borrowing.
The options are simple. However, the choice requires careful consideration based upon each individual situation. Options can include:-
- Informal Debt Agreements I.e. Debt Management Plans and Debt Consolidation
- Individual Voluntary Arrangements (“IVA”)
An IVA is an alternative to bankruptcy that allows you to settle all of your unsecured debts, including contingent liabilities to include personal guarantees and future lease commitments by entering into a single, legally binding agreement with your creditors.