• Home
  • About Us
    • Our fees and charges
    • Terms of Business
    • Complaints procedure
    • Agreement to Mediate
    • Team
    • Privacy Policy
  • Consultation
  • Solutions
    • Insolvency Support
    • Negotiated Settlements
    • Personal Bankruptcy Experts
    • Mediation
    • Comparison of Solutions
  • Case Studies
  • Testimonials
  • Blog & News
    • Press & Awards
  • Links
  • Contact us
  • Home
  • About Us
    • Our fees and charges
    • Terms of Business
    • Complaints procedure
    • Agreement to Mediate
    • Team
    • Privacy Policy
  • Consultation
  • Solutions
    • Insolvency Support
    • Negotiated Settlements
    • Personal Bankruptcy Experts
    • Mediation
    • Comparison of Solutions
  • Case Studies
  • Testimonials
  • Blog & News
    • Press & Awards
  • Links
  • Contact us

Advice and support on

  • Insolvency Support
  • Mediation
  • Personal Bankruptcy Experts
  • Negotiated Settlements

Sign up to our newsletter


*no SPAM guaranteed

Recent Posts

  • Give yourself time to think, with the Debt Respite Scheme
  • Preserving your future aspirations in the face of unmanageable debt
  • How sustainable is your debt situation? Your credit report reveals all
  • Strategies for achieving financial freedom from debt
  • Understanding the differences between bankruptcy in England and Wales, and in Scotland

Recent Comments

    Archives

    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • November 2024
    • October 2024
    • September 2024
    • August 2024
    • July 2024
    • June 2024
    • May 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • December 2023
    • November 2023
    • October 2023
    • September 2023
    • August 2023
    • July 2023
    • June 2023
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • September 2018
    • July 2018
    • March 2018
    • January 2018
    • May 2017
    • January 2017
    • December 2016
    • November 2016
    • September 2016
    • August 2016
    • July 2016
    • May 2016
    • March 2016
    • February 2016
    • January 2016
    • October 2015
    • September 2015
    • August 2015
    • July 2015
    • May 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
    • December 2014
    • November 2014
    • October 2014
    • September 2014
    • August 2014
    • July 2014
    • April 2014

    Categories

    • Bankruptcy
    • Case Study
    • Economy
    • Events
    • Finance
    • Guest
    • Insolvency
    • Mediation
    • Mr Bankruptcy
    • Newsletter
    • Other
    • Personal Guarantees
    • Press Release
    • Turnaround

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Which debt solution is right for me?

    By Julian Donnelly

    8th April 2015

    This is a question that I am asked frequently by clients at the consultation stage. The simple fact is that whether you are a limited company or a private individual, there is usually a variety of options, each of which has their own pros and cons. There isn’t a ”silver bullet” and debtors should think very carefully about the long-term consequences and their future plans before selecting a course of action that is right for them as there may be (for example) three options that will resolve the problem today, but each will have a massively different effect further down the road.

    Timing can often be the deciding factor in resolving debt issues as the earlier the issue is dealt with, the more options are available. Most people are generally wary of approaching the creditor directly when they realise they have a problem. This can be down to many different factors such as fear or embarrassment, but most creditors will try to work with you to reach a solution if you engage early enough – there does come a point when you’ve ignored the letters and phone calls for so long, they will feel they have no choice but to take legal action.

    When you realise there is a problem, you need to educate yourself as to the options. It is not uncommon to find during the consultation that it is the first time the client has admitted the true extent of the problem to themselves, let alone a third party. It can be quite an eye-opening experience as sometimes you can go through all the credit card statements and realise there is a total debt of £40,000 and the client to say “hang on, I only remember spending £30,000” – they probably did, and the rest is interest and penalty charges. I vividly remember this feeling myself (see “my story”).

    It can be easier said than done, but the key at this stage is not to panic. There WILL be a solution and you will need to examine your options carefully and EDUCATE yourself.

    Let us look at two examples of formal personal insolvency (IVA and Bankruptcy): Sometimes the options can be down to a fact- “I am a director of a company, so I can’t go through Bankruptcy – an IVA is a better option for me”. Sometimes it can be a personal preference – “I may not be the director of a limited company, but I borrowed the money in good faith and I want to pay back as much as I can realistically – therefore an IVA is better for me then Bankruptcy”.  Others may say – “It’s been an awful few years and I just want to draw a line under the whole sorry affair and start again – therefore Bankruptcy is better for me than an IVA”.

    When you realise there is a problem, stop and seek help as your biggest enemy will be time.

    Sign up to our newsletter

    Useful links

    • Home
    • About us
    • Consultation
    • Blog & News
    • Press
    • Contact us

    Solutions

    • Insolvency Support
    • Mediation
    • Negotiated Settlements
    • Personal Bankruptcy Experts

    Social

    • Facebook
    • Twitter
    • LinkedIn

    The Old Rectory Business Centre
    Springhead Road
    Northfleet
    Kent
    DA11 8HN

    T: 0845 680 7217
    E: enquiries@jamesrosa.co.uk

    © 2018 James Rosa Associates Ltd. All rights reserved.