The alternative to bankruptcy Finance Articles | September 30 Adidas Superstar II Dames Sale , 2008
The amount of money currently owed by people in the UK stands at ￡1.43 trillion. This ?personal debt? is at an all-time high, and it?s rising.

With the ?credit crunch? and its fallout affecting more and more people?s lives, you may be feeling the pinch too. According to Credit Action, a national money education charity, 292 people will be declared insolvent ie unable to pay what they owe, every day in May 2008.

You may think you could be one of them.

But don?t worry. Help is at hand.

If you?ve got serious debt problems Adidas Superstar Foundation Dames Sale , you may have thought about declaring yourself bankrupt. But did you know there may be more appropriate alternatives. One of the most popular is an Individual Voluntary Arrangement (IVA), because it avoids you being labelled as a bankrupt, and you don?t have to lose your home, which is one of the things that can happen in bankruptcy.

So what is an IVA?

An IVA is a legally binding contract between the debtor, ie you, and your creditors Adidas Superstar Bloemen Dames Sale , ie those you owe money to.

On the plus side, this means that, instead of making payments each month to various creditors, you make one affordable payment, usually over 60 months, to what?s known as a licensed Insolvency Practitioner Adidas Superstar 80s Dames Sale , who arranges and manages IVAs. The moment