Far from being the embarrassment once considered, falling into debt has become almost the norm for most Britons caught up in the trap laid down by the establishment providing a cheap and plentiful supply of money. Now the money has dried up, which only came as a surprise to those not old enough to remember the previous recessions, many face financial problems of a scale never before witnessed and most likely never will be in future.
Caught in this trap doesn't really achieve anything of any purpose for all concerned, yet the banking system is being propped up all the more with money created from fresh air by governments who assume control of a system already proved a failure.
But on a more personal note what does the law allow those of us who are financially in ruin to do? The penalties of bankruptcy make it difficult to re enter into the world of credit cards and debt. For many this may seem a relief as no longer borrowed money is an option, not that this opti on is available like it once was. This penalty appears not to be so much of a blow in a world which now sees debt management a way of life. Bankruptcy seems almost a relief option whereby one person every 4 minutes in the UK is being declared bankrupt with the knowledge of the debt being written off within one year and a new start in life seeming attractive.
However, a less burdensome choice could be to take out an IVA plan or Individual Voluntary Arrangement which could save you from losing your home or business. The forecast for home repossessions is set to rise to over 150 per day by the year 2010 and the need for a financial expert to guide you through these troubled times may just be the right action to take now before it is too late.
Negotiation on your behalf made by an expert in the field can set up an IVA and a one off payment is agreed over five years with the remainder of the debt being written off at the end. This requires the assistance of a fully qu alified insolvency practitioner and is legally binding. Your home is protected and you are able to continue in the business you may have been involved in or as a director of a Company.
Decisions of this nature should be taken extremely carefully and advice from the appropriate source undertaken. At Shop Now UK we list the very best advisors in this field and simply filling out a form found at ShopNow Debt Management could be the best decision you can make.
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