{"id":3825,"date":"2014-01-24T10:02:04","date_gmt":"2014-01-24T10:02:04","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3825"},"modified":"2019-03-20T10:17:57","modified_gmt":"2019-03-20T10:17:57","slug":"cant-pay-my-debts","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/cant-pay-my-debts\/","title":{"rendered":"Can&#8217;t pay my debts"},"content":{"rendered":"\n<p> Finding your finances out of control is a pretty unpleasant experience.  It can seem as though you have fewer and fewer options, but this may not  necessarily be the case. <\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Getting the right advice is imperative. Speaking to <strong>debt and insolvency experts<\/strong>  is the first step in sorting your financial situation out. Depending on  your income, assets and current level of borrowing, you may well have a few options to explore before having to consider such consequences as  bankruptcy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">IVA<\/h2>\n\n\n\n<p>Individual Voluntary Arrangements or <strong>IVAs<\/strong> are a popular choice for people with <strong>serious debt problems<\/strong>,\n and there are a number of advantages to using them. An Insolvency \nPractitioner can take into account your overall finances and work out \nwhether an IVA is likely to help.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"424\" height=\"283\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_57439668_XS.jpg\" alt=\"\" class=\"wp-image-3839\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_57439668_XS.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_57439668_XS-300x200.jpg 300w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/figure>\n\n\n\n<p>Providing you have sufficient income to meet the terms of an IVA, it \ncan help you to start working towards settling the debts that you feel \nare on top of you. With an IVA, you agree to pay a certain amount back \nto your creditors over a set period of time, after which they will no \nlonger pursue the debts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Control<\/h2>\n\n\n\n<p>Many people face the daily reality that they are struggling to meet \ntheir monthly debt payments each year, and find that what they are \npaying is only covering interest, and is not reducing the debt at all. \nOver and above this, if you\u2019re struggling to even meet your monthly \npayments, the debts really start to spiral out of control and it can \nseem like you\u2019ll never see the back of them.<\/p>\n\n\n\n<p>An IVA means that not only can you avoid bankruptcy, but you can also\n effectively settle your debts. Having the knowledge that you are \nworking towards being debt free makes life a lot less stressful, knowing\n that in the future you\u2019ll be in a position where you control your \nfinances rather than the other way around.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Assets<\/h2>\n\n\n\n<p>You may find that your situation affords you more choices than you \nthink, and an IVA is really only one of these. If you have assets, you \nwill likely find that there are other avenues to explore before opting \nfor an IVA, but this depends on your own personal choices.<\/p>\n\n\n\n<p>For example, options such as releasing equity, remortgaging or indeed\n selling your assets can give you a considerable amount more breathing \nspace. However, these may not be options that you personally want to \nexplore, in which case an IVA may help.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finding your finances out of control is a pretty unpleasant experience. It can seem as though you have fewer and fewer options, but this may not necessarily be the case.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-3825","post","type-post","status-publish","format-standard","hentry","category-general-debt-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=3825"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3825\/revisions"}],"predecessor-version":[{"id":3840,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3825\/revisions\/3840"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}