Be debt free in 60 months

I'm getting fed up of hearing these bloody debt adverts on the radio and the telly. "You could be free from debt in just 60 months," they say. "This is not bankruptcy ... we will reduce your monthly payments ... debts you can't afford will be written off ... thanks to government legislation".

Stop! What a bloody con. These "solutions" are Individual Voluntary Arangements and the "government legislation" is the Insolvency Act. While this isn't bankruptcy it is still personal insolvency with the same devastating effect on your credit rating as being bankrupt. In fact, it will affect you for longer because you won't be discharged for at least 60 months whereas it is possible to be a discharged bankrupt after only 12 months.

Companies such as Debt Free Direct are nothing but vultures and these adverts are misleading to say the least. If you are having real financial problems and you need help then try CCCS - they are supported and financed by the main financial institutions and will try to help you pay your debts rather than avoid them. Most banks and agents will accept proposals put forward by CCCS without any arguments as they are responsible advisors.