The Business Debt Advisor

IVA Full & Final Settlement Testimonial

Retired Businessman - Cheshire

Upon contacting them they visited me immediately with no obligation. From the beginning of their involvement I felt more relaxed and I could not see any better way of settling my debts than of proposing the full and final settlement IVA they suggested.

In the middle of 2003 I came to the conclusion that my company was insolvent and drastic action had to be taken. Economic instability due to factors such as September 11 had plunged my previously profitable fancy goods and pottery business into rapid decline. I was 75, in good health and had wanted to trade up until my 80 th birthday, as I still had a family to support.

I was only able to keep the business afloat by funding it with personal credit cards, using stock market shares for security on bank loans and by securing a loan against my property.

I took advice from the Chamber of Commerce and it was suggested that liquidation may be the only answer. This resolved the company's affairs but left me with substantial personal debts which I could not afford to pay. My health was suffering and unsurprisingly I suffered a stroke.

What could I do? I was 75, in poor health and consequently unable to work to pay my debts. Obtaining a remortgage on my property was impossible with only a pension as our household income.

An equity release scheme was suggested but this was not going to raise enough money to clear my debts which now exceeded £130,000. My family offered to help by raising money on their properties, but I did not want to put their houses at risk. I was advised to contact The Debt Advisor who instantly made me feel more relaxed. They came to see me a number of times and put together a full and final settlement to creditors using the IVA procedure.

When I heard that my creditors had accepted the proposal I felt that a load of worries had been removed from my shoulders. Without the assistance of The Debt Advisor I would not have been able to solve the problem.

The Next Step

All debt solutions should be very carefully considered; we will always provide you with the best advice to ensure you get a soft landing away from the burden of debt. Simply forward your details on our Contact Form and we will contact you. Alternatively ring us on our FREEPHONE ADVICE LINE 0800 085 1825 to have a full consultation with our specially trained advisors.

The Insolvency Service has produced a guide: In Debt - Dealing with your creditors, to support those who find themselves in financial difficulty during the recession.

Financial Information

All debt solutions should be very carefully considered. Fees will be charged if a solution is taken in order for us to set up and maintain your plan - all fees will be outlined during your consultation. For further information on fees, please see the FAQ section of the different solutions available. Retained payment may place you further into arrears. The Debt Advisor complies with the Consumer Credit Act and you have a right to a cooling off period of 7 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term.