"There was a lot of other stressful issues going on in my life at the time of the bankruptcy and I have to say without Stuart’s advice and help I don’t think I would have gotten through it as well as I have. I cannot thank Oakdale enough. I would recommend them very highly."
8 Myths About Debt Part 1
Understanding IVAs, Creditor Rights and Bailiff Action
Myth 1 – You’re alone
Research by R3 (Association of Business Recovery Professionals) suggests that there were around 574,000 people who had contacted their creditors informally about their debts, and a staggering 961,000 individuals who are struggling but have not sought help.
You are anything but alone! Here at Oakdale we have experienced compassionate advisors who are available to listen to your unforeseen financial predicament.
Myth 2 – An IVA can write off up to 90% of your debt
A significant proportion of debt can be written off in an IVA, however the average is closer to 50% and the highest is closer to 75%. These figures tend to relate to non home owners and for home owners the terms of the IVA usually stipulate a release of equity from the property in year 4 or 5. To release this equity you may be required to remortgage or obtain a secured loan on your property. The phrase “out of the frying pan and into the fire” comes to mind!
Myth 3 – Creditors can send in the bailiffs at the drop of a hat

