When things go from bad to worse:

If you simply cannot cope with debt repayments upon graduations including credit and store cards, mortgage repayments, loans, overdrafts and hire purchase agreements then you might consider an Individual Voluntary Agreement or IVA.

Dissimilar from declaring oneself bankrupt an IVA is a formal legally binding agreement between a person in debt and his or her creditors to pay off all or a percentage of the money owed, usually over a 3 - 5 year period (36-60 months). Because in most cases you will be repaying only a proportion of the debt, the monthly repayment amounts are usually lower that it would be on the original amount you owed. This is one of the key advantages of an IVA - it takes the pressure off of you and your money, where at the end of the period when the IVA has been in effect, any unpaid debt remaining is written off by your creditors.

The amount you repay under the terms of the IVA will be based on your disposable income, and should be an amount you can realistically afford to pay each month.

DebtShave are Licensed Insolvency practitioners, who will be able to draw up the agreement as well as pulling together all of the required documentation for presenting the agreement to your creditors. Their fees are included in the agreed monthly payment so there will be no other amounts to pay . For more information on DebtShave see their web site at www.debtshave.co.uk

To apply, contact DebtShave directly on their 24 hour freephone number on 08000 74 64 44.

Click here to visit DebtShave.co.uk