Other ways to save money...
Avoiding bankruptcy?
There are other ways of avoiding bankruptcy. It isn’t the only available escape route to get out of debt. Before you opt for what appears to be a quick fix to your debt problems, take professional advice. Turn to a solicitor, financial adviser or accountant, give them the whole picture and take advantage of their experience.
Initially you can try to reach an informal arrangement with your creditors, providing them with a realistic timetable of when you can repay them what you owe.
Consider all your options. If your unsecured borrowing is more than £15,000 there are alternatives to bankruptcy, the humiliation that comes with it and the stain it can leave on your future. An Individual Voluntary Arrangement or IVA is a formalised way of reaching an agreement with your creditors, emerging debt free, avoiding bankruptcy and the publicity it can bring with it.
If you are a homeowner, there is another way to avoid the high costs both personal and financial, of either Bankruptcy or and IVA.
If there is sufficient equity in you home you could re-mortgage to repay your debts and provide yourself with a clean start to the rest of your financial future.
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