What do I do? Where do I start?

Financial problems take over every aspect of your life and those of your family.

There are probably a range of thoughts  and feelings coursing through your mind: you may feel ashamed, you could feel foolish that you let things escalate this far, you may feel that in comparison to your peers you are doing badly; you are uncertain what the future will hold; you probably feel you have let your family down; you want to do what is right for your family, for you and for your creditors but are find it hard to find the right balance as nothing you do will satisfy everybody; mentally, emotionally and physically you are drained; you are sick and tired of all the struggles, the creditor pressure and uncertainty; you want to sleep at night; you want a simple life back even if it means having less money, but you are not sure how to achieve that; you have not been in this position before so do not know enough about your options, the processes or what you will be going through; you are afraid and want it all to go away.  It is not surprising you are having problems making a decision.

If this is how you feel, take some time out to read my various blogs.  I have written them to help you find the right course for you.  What you choose to do is up to you, but please draw opon my 20 years’ experience in insolvency.

By reading these blogs you will see that what you eventually do depends on two things: firstly what your personal circumstances give you the opportunity of doing, and, secondly, what you choose to do.  That is to say, you have a choice, or at least you do if you have not come across my ramblings too late in the day.  The choice that you make will depend on what you want to achieve.  If you want certainty and speed, you will take one route.  If you want to avoid bankruptcy, you will take another.

Look ahead to what you want to achieve, having that ‘dream’ will help you get through the hard times that you may have ahead of you in the short to medium term.  There is a future, and it is bright, but I understand that you may not be able to see that far yet.  Trust me, it will happen.  Even if you have left things far too late and really now only have one option, that of bankruptcy, my  blogs nevertheless will help you too, they will guide you through this tough time.

And do not forget, you are not the only one in country with these problems.  About 100,000 people a year are going into IVA or Bankruptcy.  Many more are literally lousing up their lives and those of their families by going into Debt Management Plans.  Debt is one of the largest problems that this country has.  You are not alone.  And I do not see people in Tescos wearing sackcloth and ashes.  Neither should you.

Now, let’s move on from the emotional side of it all, and go on to the factual side.

If you have financial problems, you have 5 main options, if you include doing nothing!  The other 4, which I recommend in terms of they are much better than sitting on your hands, are:

1)      Paying your debts in full over time through a Debt Management Plan.

2)      Having a relative settle your debts for you: this may involve the creditors writing off some of their debt.

3)      An Individual Voluntary Arrangement (An ‘IVA’)

4)      Bankruptcy

As a first step click on the link ‘Broad comparison of the above options’: it will take you to a schedule comparing each of the options listed above.

Then read each of my separate blogs in detail, these will set out how each process works, and who they suit and do not suit.  Feel free to print them off and read them over a good bottle of red wine, in a darkened room, without the kids around.  Once you have read them, then either e-mail me, or go to see a professional for further advice.  Whatever you do, the repercussions will reverberate around you and your family for years to come, so make it happen!

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