Solution Remortgages - IVA or Bankruptcy.

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Unsecured Debts	£
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Hotspot Marketing Ltd work together with a number of mortgage brokers including Solution Mortgages Ltd, who are authorised and regulated by the FSA. Although Hotspot Marketing Ltd does not charge you a fee, Solution Mortgages Ltd may charge a fee upon completion. You will be advised of this fee, together with a personalised illustration of their recommendations, once they have reviewed your enquiry and spoken to you. By submitting the above information you are confirming that you wish to be contacted by an advisor from Solution Mortgages Ltd.
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IVA or Bankruptcy

IVA and Bankruptcy are solutions that are only available to insolvent debtors. Being Insolvent simply means that you cannot afford to repay your debts each month. That is the full contractual payment and - not the minimum payment.

	What is an IVA?
	Is an IVA right for me?
	The pros and cons of an IVA
	The IVA process
	IVA or Bankruptcy
	What is Bankruptcy?

Do not fall into the trap of repaying minimum monthly payments and thinking you can afford your debts, because with the interest and charges applied you could be paying for up to 40 years.

Once it is determined that you are insolvent both an IVA and Bankruptcy become options for you.

Bankruptcy should only ever be considered as a debt solution in the last resort.

	IVA	Bankruptcy
Is my name kept private?	Yes, an IVA is not advertised. Although details can be found on a government website.	No, bankruptcy orders are advertised in your local paper
Will my IVA remain private?	Yes, only creditors are notified.	No, everyone that you are financially connected with, such as your landlord, will be contacted
Can I still run a business?	Yes, you can still be a company director or practice professional roles involving finance	No, normally any business will be closed immediately. Certain employment situations will also be hindered.
Will I have control over my assets?	Yes, some assets can be excluded from your proposal.	No, any asset that can be sold to raise money for your creditors will be, such as your house. Any that are acquired during the bankruptcy term, such as inheritances are also lost.
Can I keep my bank account?	Yes, although some extra facilities, such as overdrafts, may be removed.	No, bank accounts, credit cards will be closed and hire purchases cancelled.
Can I avoid going to court?	Yes, as long as you are available to answer questions on the phone at the time of the creditors meeting.	No, you will always have to go to court.
Am I legally protected from my creditors?	Yes, court proceedings cannot be brought against you regarding any of debts bound by the IVA.	No, your creditors may look to sell your assets and take any appropriate action against you.

If you want to hear more about how an IVA can work for you, or whether you would be suitable for an IVA, simply call our expert advisors on 0800 520 0315 quote ref 1533, or fill in the Mortgage Wizard to see what other solutions are available to you.

'Solution Remortgages' and 'solutionremortgages.co.uk' are trading styles of Hotspot Marketing Ltd. All information submitted to Hotspot Marketing Ltd is handled and maintained in full compliance of the Data Protection Act 1998. Hotspot Marketing Ltd works closely with a number of Lenders, Brokers (including; Solution Mortgages Ltd), Debt Management Companies, IVA Insolvency Practitioners and Debt Advice Centres. Privacy Policy.

Quote ref 1533.