Avoid Bankruptcy

I don’t like to use credit card or to take a bank loan because I don’t like to have debt. I tried to pay everything by cash. I know it’s impossible to buy car or house by cash, but having debts make me nervous. What if I lost my job? What if I can not pay my debt? Do I have to declare bankruptcy? All these questions popped out in my mind.

However, today I learn that if you are having too much debt and trying to Avoid Bankruptcy you could apply for IVA or Individual Voluntary Arrangement. IVA is a formal and legally binding agreement between you and your creditors. The terms of your proposal to creditors may vary however creditors will expect that their prospects of recovering money will be at least as good as in bankruptcy. If your ClearDebt IVA application is approved, up to 70% of all your debts could be written off. You would pay no interest and you could be debt free in 5 years or less.

I find this site is very usefull. They have so many informations on how to manage your debts. You can even join their forum and discuss things with the other members.