PLEASE FEEL FREE TO CONTACT THE PERSONAL DEBT HELPLINE IN 0800 074 6918

Britons have racked up so much debt on loans and credit cards that the total borrowed now exceeds the entire value of the economy, new research shows today. The personal debt helpline run by E-insolvency is advising 1000's of people eash week on outstanding on debt on mortgages, debt on credit cards and debtpersonal loans.

There are now many options when it comes to dealing with personal insolvency and personal bankruptcy, such as:

IVA

The IVA procedure is an excellent way to solve your debt problems and we won't charge anything for our debt advice. When we have all the information we need we will recommend this solution to deal with your debt problems.

Bankruptcy

Bankruptcy is a court order that you can apply for if you're in debt. It may be the best way for you to free yourself from excessive debts that you simply cannot pay by sharing out any assets you have among your creditors.

Someone you owe money to could also make you bankrupt, even if you don't apply for it through your own choice.

There are two main ways to go bankrupt for personal debt:

1. By debtor's petition: This is where you make yourself bankrupt. To do this you must contact your local court to find out where your nearest county court dealing with bankruptcy is situated. You have to pay a £150 court fee and £325 deposit;
2. By creditors' petition: If you owe people £750 or more they can make a creditor's petition for your bankruptcy at a County Court.

The debt advice team receives 1000’s of calls from people considering bankruptcy for their debt problems.

Debt Management Plan

Debt Management can seem like an easy way out of temporary financial problems, giving you a lifeline to cover your bills. There’s a down side though that not many consider until they’ve experienced it for themselves such as the procedure not being legally binding.

Remortgages

A loan is sometimes suitable for folk with expensive debts and some credit history problems may be able to cut their interest rate this way.

For FREE professional advice on personal the E-insolvency personal debt helpline in the UK call 0800 074 6918.