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Mr G

Individual Voluntary Arrangement (IVA)

Working as a computer software designer Mr G had a good income but had spent beyond his means. With several gold credit cards, loans from loan companies and a large mortgage he always felt that the rising equity in his house would cover his debts.

When he approached us we agreed that he had good equity in the house, but with other debts of £46,000 he simply did not have enough monthly income to make all of the minimum monthly payments.

We suggested that an IVA was the best solution because - he could keep his house, avoid bankruptcy and ensure that he could get out of the credit card spiral.

Debtless helped write an IVA that pays his creditors £400 a month (his minimum credit card payments each month were £960pm) for 60 months. Around 45% of the debt was written off by the card companies.

Mr G has no credit cards now and lives within the budget we arranged with him. He has also kept his house!

Talk to us about how IVA can legally write off much of the debt you owe. To learn more visit our IVA guide pages.

Please note that choosing this method will affect your credit rating. A time based fee is payable to a licensed insolvency practitioner for this type of work.

MR P, London

Informal debt Deal

Mr P Was introduced to us by an accountant that he knew. He had been ignoring credit card debts for some months and they were using the services of debt collection companies to chase the debt. In total he owed £23,000 to 4 card companies. He did not own his own home.

Having been in the licensed trade for many years as a manager a new opportunity had come his way to take the licence of a pub in north London. Clearly the income from this would be great news (in future) for his debt problems, but his credit rating was under serious threat as a creditor was about to make him bankrupt.

His family was prepared to provide some cash to help and he was determined to avoid bankruptcy so that the pub job could get off the ground.

KSA arranged an informal deal with his creditors which paid them 20% of the debt straight away with a second payment of 30% in 12 months. Provided he paid these two amounts the rest of the debt was written off.

Mr P is now the publican and earning a good income, he has made the second payment early and is now virtually debt free and all bankruptcy actions were stopped by us.


Talk to us about informal debt deals - whilst not always appropriate they can be a powerful way of getting rid of creditor pressure. If you have someone that can provide a cash injection, this may a good solution.

Please note that choosing this method may affect your credit rating, it may increase the amount to be repaid to your creditors and the time taken to pay the debt. Creditors are not legally obliged to to accpet this type of deal. A time based fee is payable to Debtless for this type of work.

Mr & Mrs S

Remortgage with adverse credit history

Although they owned their home they had built up around £30,000 of unsecured loans and credit card debts. In the recent past, after Mrs. S lost her job, they had also got into arrears with the mortgage payments.

So their credit rating was poor and they could not get off the merry-go-round of creditor pressure.

We arranged a new mortgage that paid out the first lender and cleared the debt to the credit cards and loan companies, all if this was done quickly and avoided bankruptcy. Mrs. S is working part time and still looking for a full time job and the debt pressure is now gone.

Although we are not mortgage providers we can help you remortgage your home if it is an appropriate option. Talk to us today about your current position or contact us.

Please note that you may incur a higher mortgage interest rate by remortaging.

Mrs D

Bankruptcy

With a lot of credit card debt, loans and no way of paying for them after she lost her job, Mrs. D asked us for help. We suggested that because she lived in rented accommodation with her husband (a builder) she should choose the bankruptcy option.

Within 5 months she had been discharged from bankruptcy and the debts were written off. She is much happier now and she and her husband still hope to buy a house.

Talk to us about bankruptcy. It's much quicker and less onerous than in the past. BUT you must consider all options before choosing this approach.

Miss J

Bankruptcy Loan

Many more people are using the bankruptcy option today, it is quick, easy and relatively painless. BUT if you own your own home you should think very carefully (talk to us 1st) as the bankruptcy trustee will register a caution over the house. This means that if even you exit bankruptcy in say 12 months he can still demand the free equity.

After receiving some bad advice Miss J entered bankruptcy in 2004. She still had around £12,000 free equity in her flat and the trustee demanded that she pay at least £10,000 of this to her creditors. This would have meant selling the flat and probably struggling to ever get back on the property ladder again as a discharged bankrupt.

Debtless helped by arranging a loan of £8,000 against her flat which was used as full and final settlement to the trustee.

Please note that you may incur a higher mortgage interest rate by using this product.

Want to know more about bankruptcy? See our bankruptcy guides or call us now 0800 195 6762.

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