Bankruptcy

1Stop Money offers a range of debt solutions to suit every individual and their needs.

Bankruptcy – Bankruptcy is an ideal debt solution for individuals in an overwhelming amount of debt, who are unlikely to be able to pay them in the foreseeable future. It involves writing off the majority of your debts while any valuable assets owned are sold to pay off your creditors (some debts are exempt from bankruptcy). It is best suited to non-home owners and people without significant assets to protect, such as owning a property or a business. Read more…

IVA – An IVA or Individual Voluntary Arrangement is a legal agreement between you and your creditors to pay off an agreed sum each month. After your IVA term is up – usually 5 years – any remaining debts are written off, known as a composition of debts. IVAs are a good debt solution for people who own their own homes, a business or other valuable assets they do not wish to surrender in bankruptcy. Read more…

Debt Management – A debt management plan is a non-legal arrangement between you and your creditors to make reduced payments each month towards your debt. It is a good debt solution for people with sufficient disposable income to get organised with their finances. Instead of making several payments to all your creditors, you make one easy payment which is shared between your creditors. Read more…

Debt Consolidation – Debt consolidation is paying off all of your debts by taking out a loan, thus reducing the amount being repaid, the number of creditors that need to be paid, as well as being able to secure a new lower interest rate on the loan. A debt consolidation loan is a good debt solution for people wanting to reduce the amount of creditors they pay each month. Read more…