Debt: The Facts
One of the main problems with debt occurring in the UK is that people ignore it
. No matter how much we know in the back of our minds that it is not going to go away if we throw out the credit card bills, or hide them under the sofa, people still continue to ignore debt. Standard debt advice UK would advise that you face these problems as quickly as possible as the longer you leave debt, the worse it can get.
If people are in large amounts of debt there are a few different options open to them, for example the implementation of a debt management plan, a debt consolidation loan or an IVA. The first option to look into would be a debt consolidation loan. This means your credit rating will not be affected, however much debt advice UK would advise this carefully as many can continue to dig themselves deeper into debt instead with such loan. If this is not the right option for you, a debt management plan would be the next idea step, it involves a set monthly payment of a manageable amount which is paid straight to your creditors.
Another option from debt advice UK would be an IVA. This is an individual voluntary arrangement to pay off a percentage of your debts over a 5 year period. This would be advisable for people in large amounts of debt as a result of over borrowing perhaps but still has a regular income. It is now often used as an alternative to declaring bankruptcy. Bankruptcy is usually a last resort for someone whose debts are greater than their assets and they want to be relieved of their outstanding debt, however they will no longer be in charge of their assets.
How do I go bankrupt is a question that some people ask, how much debt do I have to be in to be declared bankrupt? This all depends on how much money you have, but if you owe a minimum unsecured debt of 750 pounds then a court order can be processed. An official receiver will then be in charge of your assets and will administer payments to your creditors. Bankruptcy has long term implications in regards to getting credit in the future, as well as being restricted from certain professions such as the police and local council.
If you are worried about debt look for local debt advice UK for some answers to your problems and hopefully the question of how do I go bankrupt will never be an issue.
by: Bill Weston
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