Don’t let your debts get you down

Sometimes it is very difficult to keep on top of your finances, such as paying your monthly bills and making sure your credit card and direct debit payments are made.


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If you have more than one credit card, bank loan, car repayment scheme or hire purchase agreement for furniture or other items, it can be stressful making sure there is enough money in the bank on the right day to cover the monthly costs.

Best way for you to pay off debts

If you are finding that your debts are getting on top of you, the best thing to do is to talk to an expert so you can plan your finances and pay off your debts.

There are several courses of action. You can ask a financial company to set up a debt management plan, which is agreed with your creditors. If you have a county court judgement or high court judgement awarded against you, you can set up an administration order. Another choice is to consult an insolvency expert to manage an individual voluntary arrangement (IVA).

If you really do not have enough money to pay off your debts or any assets to sell, you can apply for a bankruptcy order or debt relief order.

Talk to an expert on managing debt

If you want to avoid bankruptcy, setting up an IVA could ensure that you have more control of your assets. This is an agreement to pay some or all of your debts to your creditors. You agree to make regular payments to an insolvency expert, with this money shared between your creditors.

You will work out with your financial expert what you can afford to pay and how long the IVA will last, which is often five years.

Your insolvency partner will get in touch with your creditors and IVA’s can be set up if at least 75% of them agree. For further advice about dealing with your debts, contact an independent debt solutions company such as

IVAs are a good way of stopping any company you owe money to taking action against you. This solution also means the debts are frozen; therefore, the amount you owe will not go up and no extra charges or penalties will be added to the debt.

It is important to remember that you need to keep up the agreed repayments.

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