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Posts Tagged ‘debt solution’

Debt: the facts!

We the people of the UK are in a lot of debt! Fact! The total UK debt for summer 2008 stood at £1945 billion and that figure is increasing every second. In fact we are in so much debt that consumers will borrow an additional £320 million today alone, and tomorrow and the next day! debt help is needed yet we still borrow more!

Don’t Become another Debt Statistic?

On Average, each household in the UK is nearly £14500 in debt and when you have a young family or even live on your own – £9000 is a tall hill to climb. Furthermore if we were to split the total debt for the UK by the total population (60 million), total UK debt still leaves £22.50 owed by every woman, man and child in the UK. That doesn’t sound like a lot of debt but by god is it! Think about it, in theory every newborn baby owes the equivalent of £22.50 by the time he or she is a second old! That is a lot of debt, and it is simply not right!

With 330 people being declared insolvent, 2,750 county court judgements issued and £1 billion in mortgage lending being handed out today alone, it seems that our debt problems will not go away any time soon! If you’re in debt, seek a debt solution today!

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Those IVA adverts on TV stating that people can write off 75% of debt are a best case scenario. It is also a highly improbable scenario but it can be better than bankruptcy.

If you choose IVA as a debt solution, your creditors will seek a minimum of 25p for every £1 of debt as an absolute minimum which is where this figure in the adverts originates. It will be necessary to accept that there is a strong possibility that you will have to pay a lot more than this, particularly if you have a high earning professional vocation.

The insolvency practitioner also comes with a hefty price tag and can add a further £7000 to the amount you need to raise. If you also own a property you will be expected remortgage at the end of year 4. This could actually mean that you end up paying your debts in full.

If you maintain your payments for 60 months you will be discharged from your remaining debts. There are however some IVA benefits. It is not an easy option, but does give people with crippling debt problems the chance to keep their job, home and self respect.

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