Far too many people in the UK are struggling to keep pace with their debts these days, and for some it seems the harder they try the worse things get. Borrowing from the proverbial Peter to pay the proverbial Paul is sometimes the only option you might have, but of course it doesn’t lead to any significant reduction in the amount you owe.
One of the most appealing aspects of some debt solution programmes is that they allow you to pay one monthly sum which is then distributed among your creditors. Each of your creditors will receive a payment each month, which is usually less than they would like. The important thing, however, is that they do at least receive something.
If you were to enter into an Individual Voluntary Agreement, for example, your Insolvency Practitioner will work with you to find out how much you could afford to pay while still enjoying a reasonable standard of living, and will then make offers of reduced monthly payments to each creditor.
For you, there’s no more worrying about which of the wolves at the door should be paid first. Your creditors will have each agreed to accept a lower payment, and from then on they will usually only contact the Insolvency Practitioner about the debts. Imagine how much easier life would be if you no longer have to deal with letters, emails and phone calls demanding money that you simply do not have. It would be wonderful to know that most of the pressure has finally been removed from your shoulders.