Insolvency advice is needed by more people now than ever before. The rise in lifestyle expectation, along with the competitive market for credit cards, store cards and loans means that even if you already have a bad credit history you can get into further debt without too much trouble. Psychologically, it's much easier to spend money with a credit or debit card than with cash, and so people often don't realise just how much they are spending until the bills come in.

When do I reach insolvency?

Insolvency is where a person or a business does not have enough money coming in to pay the debts that they have. If you have extensive debts, or if you've suffered a sudden drop in income that means you can't pay off your debts, you may be looking at insolvency. If that's the case, you need to get some professional advice as soon as possible so that you can sort out your finances before it's too late. For example, if you're behind with your mortgage payments, your lender can repossess your home to recover their money, and other lenders may consider filing for bankruptcy against you. If this happens you will lose control of most of your assets and your income; something that's very hard to come back from.

What insolvency advice is available?

You can talk to your local Citizens Advice Bureau about your debt problems, but if you feel that insolvency is round the corner, you really need to talk to someone who can provide a practical solution. An insolvency expert can help you to put a scheme like an IVA into place. It will help you to pay back what you owe over a certain period of time and at a reasonable rate. You can find insolvency advisers at a number of places, including your local accountancy firm, but you may want to talk to a specialist company that can handle your case quickly and with the minimum hassle.

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find an insolvency solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.