Debt problems and help for UK debt issues
If you are looking for help for debt, there are numerous options open to you. Firstly, contact a professional debt management company who will help you deal with debt and advise you about debt options and debt solutions. Help for debt usually includes the following:
• Debt consolidation and help for debt – borrowing more money but reducing monthly payments
• Debt management plan – reducing monthly payments without borrowing more money
• Individual Voluntary Arrangement (IVA) – a legal procedure to give help for debt to people with serious debt problems, and can write off debts in 5 years
• Bankruptcy – a formal legal procedure which provides help for serious debt, which can see debts written off within one year
There is no right way or wrong way to deal with debt problems, and help for debt takes many different forms. Deciding on the right option depends on the amount of debt you have and the debt management company you approach for help for debt.
Help for debt and debt consolidation
If you want help for debt, you may be advised to take a debt consolidation loan. This will include all your current debts being lumped together to form one loan. Although you may be making lower monthly payments, you will no doubt be paying more interest over a longer period of time, so get professional help for debt before making any decisions. You could be in for a shock when you see how much you will be paying back in total. A debt consolidation loan may also be secured against your house.
We do not provide any professional services directly, our aim is to provide answers to 99.9% of the questions you will have regarding all aspects of debt management before you make any major decisions and we do this by providing detailed information in our free reports and a free telephone consultation from an approved advisor.
We have looked at the quality of debt advice in the industry and recomend you only consult with Companies that offer a full portfolio of solutions not just Debt Management Plans so you will get the best advice for you and your family.
Ideally suited to debts of less than £5k with some disposable income available. Learn how to consolidate your situation and reduce your monthly payments by learning to negotiate with your creditors directly.
Designed for debts of up to £15k where creditor pressure is becoming too much to handle and you may have failed to agree to an overall acceptable monthly payment with your creditors directly.
Minimum total Debt of £15k to qualify for an IVA. Typically you can write off up to 75% of your debts and repay the balance over 5 years. This is a formal arrangement and failure to maintain it can have serious implications
If you have been refused an IVA or simply do not have any disposable income to come to an arrangement with your creditors Bankruptcy may well be your best option but professional help and advice is strongly recommended before entering into any formal arrangements.