Interview with James Falla, author of “IVA, bankruptcy and other debt solutions: the definitive guide”

James Falla, MD of Thomas Charles, has advised people who have personal debt problems since 1997 and helped 1000s of people through the IVA process. James recently talked to IVA.co.uk about his new book and why he is so passionate about helping those in debt.

James, can you tell us about your new book and what motivated you to write it?

“IVA, Bankruptcy and other debt solutions: The Definitive Guide” is my comprehensive guide to the options available to those in serious debt. To understand my motivation in writing this book, you have only to look at the stats.

There are currently over 8 million people in serious debt of over £10,000k in the UK, individual insolvencies are up 63% on the same quarter last year, and individual insolvencies in England and Wales for the calendar year 2006 look certain to top 100,000. Put simply, people in Britain are in serious debt and in need of help.

Unfortunately, the stigma attached to debt can prevent people from taking action. Recent research showed that the majority of those in serious debt are reluctant to discuss their problems with others. In fact, 54% do their own research on the Internet while only 18% consult their bank, and just 13% confide in family and friends.

Clearly then, it is vital that good quality information is available to those in need of help. I wrote “IVA, Bankruptcy and other debt solutions: The Definitive Guide” in order to provide a candid, thorough guide to the options available, helping people to inform themselves sufficiently to take those vital first steps towards becoming debt-free.

What topics does the book cover?

The first part of the book is divided into 4 sections reflecting the four main solutions available to those in serious debt: IVA, Bankruptcy, Debt Management Plans, and Debt Consolidation. The final chapter rounds things off by looking at how to manage your money more effectively following recovery from debt.

Is it a tough read?

Not at all! I have deliberately avoided jargon wherever possible and included a comprehensive glossary to ensure readers are not stumped by ‘money-speak’. I have also kept to a very simple, textbook-style structure. Each chapter begins with a straightforward overview of the solution in focus, before summarising the advantages and disadvantages of that solution. This is important as no solution is without its disadvantages and it is important that a person understands all the repercussions before embarking on their chosen debt solution.

The Q&A part of each chapter should tackle any practical questions you are likely to have, offering a step-by-step guide to each solution process. A case study then tells the story of a real person or couple who have used the solution, helping you to judge if the solution is right for you.

What key piece advice would you give to someone experiencing serious debt?

Don’t bury your head in the sand. Find out about your choices and take action. And remember, you don’t have to face your debt alone. There are many organisations out there offering free advice, including
Thomas Charles, who you can contact by calling 0800 197 4838, or by using the live text chat facility at www.thomascharles.com.

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