Options for Debt Problems

There are four principal methods to consider when looking to settle overbearing and unsustainable debts.

• The client who owes large amounts of unsecured debt may wish to choose the line of Bankruptcy. This method is OK if the client owns no property but this destroys the client's credit rating making financial life in the future difficult.
• The client may choose to take out an Individual Voluntary Arrangement (IVA). This takes around 5 years for the debts to become finally secured and requires the release of equity from home and/or a charge on the client's property. Again the client's credit rating is ruined.
• Another option open for a client to solve unsecured debt problems is to take out a debt management scheme. This though is a lengthy programme lasting around 7 years with no real end in sight. This scheme is very open-ended and creates real stress and uncertainty for the client.
• Then there is our way. Bell & Company have developed the New Way of solving a client's unsecured debts. To learn more about the New Way click here.

At Bell & Company we always give Professional Independent Insolvency Advice and will explain the most appropriate action in your particular circumstances.