Have you heard about personal insolvency? It is considered as an opportunity to deal with your credit card debt, unpaid bills, and loan repayments that are making your life miserable.
But
what exactly is personal insolvency, and how does it vary from other debt
solutions? A personal insolvency agreement is a statutory agreement you can
reach with your creditors if you are unable to repay the debt. This option is
only obtainable to people who have been battling to pay a debt for some time.
In a personal insolvency agreement, you decide to pay an agreed amount over a
period (normally 3 to 5 years). Generally, you can resolve your debts for less
than what is owed, and the balance will be formally written off. You need to
hire attorney for landmark personal
insolvency. Doing so will give you peace of mind that legal errors can
be avoided.
Not
just this, even for debt settlement arrangement write
off, it is advisable
to depend on the professionals. They hold expertise and experience which are
needed to tackle the problems. Hiring the professionals make the best choice.
Personal
insolvency only includes unsecured debt, such as credit and store cards,
unsecured personal loans and pay day loans, utility bills, overdrawn bank
accounts and unpaid rent, and medical, legal and accounting fees. A personal
insolvency agreement will not take care of secured debts such as a mortgage or
car loan.
