For someone with debt problems, admitting those problems exist is normally seen as ‘the first step’. Once they’ve done that, they can talk to a professional and find out about the best way of getting out of debt.
Many of them will be quite surprised to find out there’s more than one possible solution. A recent report by R3 (the insolvency trade body) found that a lot of people with debt problems don’t even know that bankruptcy’s not the only kind of debt help that’s there for people with debt problems. In fact, some of them had never even heard of bankruptcy!
20% of the struggling borrowers who were questioned had never heard of bankruptcy.
And when it comes to the other kinds of debt help, even more people didn’t know about them.
Only 51% had heard of IVAs (Individual Voluntary Arrangements). Read the full post