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Debt Advice Online
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Debts Over £15,000
Exactly what happens next... |
- We approach your creditors and arrange for you to enter into a formal arrangement whereby you pay a percentage of your overall debt in full and final payment. This payment can either be a one off or spread over the course of 1 - 5 years.
- We make them understand there is no benefit to them if they continually demand money, which the individual clearly does not have.
- We make your creditors realise that your payments can simply not be made and make it clear that they have two alternatives:
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| 1. |
Make our client bankrupt and receive nothing - which is in nobody's interest. |
Or |
2. |
Agree to a formal arrangement where they will receive a percentage of monies due. |
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| The return for creditors in an arrangement such as this is far more beneficial than would be achieved in a bankruptcy procedure |
Think about it, what would you accept if you were owed money
- you enter into a legal agreement which binds you and your creditors. Once agreed to, they can never trouble you again for those debts.
- this procedure is referred to as an Individual Voluntary Arrangement (IVA). It offers a more constructive solution than of bankruptcy.
- this agreement is governed by English law and although widely practiced it is not commonly known.
- you are probably saying to yourself that it is too good to be true. We can prove to you that there is an answer to your problems.
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