Debt Management »
We'll come up with a debt management solution based on your individual circumstances.
Debt Consolidation »
Our experts can guide you through the range of debt consolidation options available.
Debt Help »
Kensington Financial Management Consultants are experts in providing debt help.
IVAs »
If you have a significant debt problem, you may be eligible to begin this legal process.
Trust Deeds »
A Trust Deed can lead to a significant proportion of your debt being written off.
Bankruptcy »
A Debt Management Plan, IVA or Debt Consolidation should be considered first.
Even High Earners See the Benefits of an IVA
According to research stemming from TDX, more and more high earners are needing to turn to financial resolutions like an IVA or credit card consolidation as it becomes more and more difficult to keep finances on even keel and in the black. An IVA is a highly efficient means of staving off bankruptcy because it is a legally binding agreement that is struck between creditors and those in debt to begin to repay their debts in a financially viable manner over a set period of time. In order for an individual voluntary arrangement (IVA) to be agreed upon, two thirds of an individual's creditors must accept the proposal but in most cases they will do this and one of the principle benefits that often arises from an IVA is the fact that a proportion of an individual's debt may be essentially be written off, which leaves them with less to pay on their road to financial recovery. It is of little surprise that the current economic conditions in the UK have seen more and more high earning individuals seek out an IVA.
IVA – Wage Indicator
There is often a common misconception that only low earners encounter debt problems and can make use of a scheme such as an individual voluntary arrangement (IVA). This is decidedly not the case and the research from TDX revealed that in the third quarter of 2008, the average wage of those applying for an IVA was £23,750, which represented a 10% increase on the same period twelve months previously. This just goes to show that even those who should be in a financially comfortable position can fall victim to the growing debt problem in the UK. Fortunately, however, schemes such as an IVA are in place to help those experiencing substantial debt problems to avoid the negative consequences of bankruptcy. An IVA will but the buffers on bankruptcy proceedings and also has the additional benefit that creditors will no longer be able to contact them regarding their debts.
IVA – Restriction of Credit
Many factors have combined to act as the catalyst for more high earners applying to undertake an IVA to restore their financial security but chief amongst them is the fact there is no longer such easy access to credit, which was previously the way that many high earners chose to extricate themselves from debt. In the present economic climate, an individual voluntary arrangement (IVA) is a much more viable solution.
Speak to Kensington Finance about an IVA
Kensington Financial Management Consultants Ltd is a total finance solutions company helping people all over the UK. We speak financial sense. We will allocate you a friendly advisor who will chat through your current situation and formulate a plan for you without obligation. Let us work out a financial solution based on your individual circumstances. It's our aim to help everyone who contacts us. With debt solutions from debt management and IVAs, mortgages & re-mortgages, secured & unsecured loans and advice and information for debt consolidation, bankruptcy and Trust Deeds, we can help. It really is worthwhile giving us a call or applying online today for a confidential chat with one of our friendly advisors. Call FREE on: 0800 096 4409.
